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Are the Formation Costs of a Self Managed Superannuation Fund (SMSF) tax deductible?

No. According to the Australian Taxation Office (ATO) SMSF formation costs are not tax deductible - Edited version of private ruling, Authorisation Number 87019. 

The ATO also states that SMSF formation costs are not intangible assets and therefore a deduction under Section 40 - 25 of the Income Tax Assessment Act 1997 (ITAA 1997) is not permitted.