How to record the related expense, for example, insurance or storage costs for Gold and other Precious Metals?
As per ATO, insurance and storage costs for the collectables are deductible to the SMSF.
Refer to below link to ATO website for more information Self-managed superannuation funds – deductibility of expenses
Currently, expense type Valuation Fees is available. For Insurance and Storage cost, refer to below steps
Navigate to Business Level > Setting > Investment Expense
- Select General Expense to "Category Type"
- Click on Add New Income Expense Type button
- In the Maintain Income Expense Type screen, enter the expense name, code and GST category as required
- Select "Yes" for Tax Deductible
- Select the proper Tax Return Label and Pension Apportionment Method accordingly
- Click on Save
Navigate to Fund Level > Transactions > Fund Expense > General Investment Expense
- Select the new expense type from the drop down list
- Choose the relevant coin and other Previous Metals
You may need to navigate the related articles regarding the processing of set up investment account, and the acquisition and disposal for Gold or Other Precious Metals in Class as per below links: