Asic fees deductible

Self-managed superannuation funds – deductibility of expenses. Is ASIC annual fee deductible? What are ASIC fees?

The ASIC annual fee is payable where an SMSF has a corporate trustee an as such, this expense is deductible by the fund. Lodgement or payment over one month late—$3late fee. See Late fees for more information.

We collect a range of fees from companies and other entities under Commonwealth law. This includes company registration fees , annual review fees and renewal fees. We also charge fees for some of our search products.

See Search fees for more information. I have a corporate trustee so have to pay $2annual ASIC fee. Is this fee deductible as an expense to the trust? ASIC annual fee : The Australian Securities and Investments Commission (ASIC) annual fee required for your SMSF may also be tax deductible for corporate trustees – special purpose companies whose sole purpose is to act as a trustee of a regulated super fund.

ASIC Regulatory Guide 2Fee disclosure statements) and the obligation to seek client renewal of those arrangements every two years. Trustees should consider all necessary steps to make sure that members are clearly aware of fees being deducted from their account. An immediate tax deduction can also be claimed for government fees , such as those charged by ASIC , that are included in the formation of a business structure such as a company or discretionary trust. The business name registration fee would be more in the nature of a capital rather than a revenue expense (just like an incorporation fee paid to ASIC ). It will not be 1 deductible in the income tax year you incurred it.

ASIC annual fee: The Australian Securities and Investments Commission (ASIC) annual fee required for your SMSF may also be tax deductible for corporate trustees – special purpose companies whose sole purpose is to act as a trustee of a regulated super fund. Deferral of payroll tax for business with payrolls over $million for months (up to $billion deferred). In addition, SMSFs with a corporate trustee structure must also pay an initial Australian Securities and Investments Commission ( ASIC ) registration fee, as well as ongoing annual fees. These ASIC fees are also tax deductible.

The ASIC fee is not a legal fee , and I would assume having put it there you have most probably coded it GST. There is no GST on the filing fee , and while MYOB does not make any allowance in their tax codes for things that have no tax, most people use the GST free code, (which is really incorrect, as there are specific items that are classified GST Free and this is not one of them). Hi, this is correct. Payments made more than one month late will incur an extra charge of $333.

Also, there is an option to pay your annual review fee years in advance at a discounted rate. For example, if a proprietary company made a year advance payment, the total sum would be $9instead of $2each year. ASIC commissioner, Danielle Press told the committee that the regulator was looking at the fees issue alongside insurance inside superannuation, including claims handling.

The amount saved is greater as ASIC fees are indexed each July and a prepayment ‘locks in’ the annual review fee at that time (ignoring time value of money). Reduced risk of late payment fees. A late payment fee will be charged where payment is made later than two months after the annual review date.

Super funds back MySuper deductibility of advice fees The Government may drive people out of MySuper products if it completely removes the ability to deduct advice fees. That is the warning issued by major superannuation industry organisation, the Association of Superannuation Funds of Australia (ASFA) in a submission filed with the Treasury.