A new gallium nitride (GaN) high electron mobile transistor (HEMT) small-signal model is proposed considering source via effects. In general, GaN HEMTs adopt a source via structure to reduce device degradation due to self-heating. In this paper, the modified drain-source capacitance (Cds) circuit considering the source via structure is proposed. GaN HEMTs fabricated using a commercial 0.15 μm GaN HEMT process are measured with a 67 GHz vector network analyzer (VNA). The fabricated device is an individual source via (ISV) type. As a result, it is difficult to predict the measured S12 in the conventional small-signal model equivalent circuit. This causes errors in maximum stable gain/maximum available gain (MSG/MAG) and stability factor (K), which are important for circuit design. This paper proposes a small-signal equivalent circuit that adds the drain-source inductance to the drain-source capacitance considering the source via structure. The proposed equivalent circuit better reproduces the measured S12 without compromising the accuracy of other S-parameters up to 67 GHz and improves the accuracy of MSG/MAG and K. It is expected that the proposed model can be utilized in a large-signal model for 5G millimeter-wave GaN HEMT power amplifier design in the future.