"Deductions for construction costs must be based on actual costs incurred. If it is not possible to genuinely determine the actual costs, obtain an estimate by a quantity surveyor or other independent qualified person. The costs incurred by the SMSF to obtain this estimate are deductible as a tax-related expense, not as an expense in gaining or producing assessable income" (ATO)

"The SMSF can claim a deduction under Division 43 for an income year only if it:

• owns, leases, or holds under quasi-ownership rights, part of a construction expenditure area of capital works (‘your area’)
  
• in the case where the SMSF is a lessee of the capital works or is a holder of a quasi-ownership right - incurred the construction expenditure or is an assignee of the lessee or holder who incurred the expense, and
• uses ‘your area’ in a deductible way (which generally means to produce assessable income).

In calculating the SMSF’s deduction identify ‘your area’ for each construction expenditure area of the capital works. Your area may comprise the whole of the construction area or part of it." (ATO)

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