Time running out for SMSFs with art and collectables

ATO, SMSF, collectables or personal-use assets, art, July 2011, July 2016The ATO has warned SMSF trustees with pre-July 2011 collectables or personal-use assets that time is running out to comply with the new rules.

“If your SMSF has investments in collectables or personal-use assets that were acquired before 1 July 2011, time is running out to ensure your SMSF meets the requirements of the Superannuation Industry (Supervision) Regulations 1994 (SISR) for these assets,” said the ATO.

Since 1 July 2011 new collectables and personal-use assets held by SMSF have been subject to “strict rules”. However existing assets were grandfathered, until 1 July 2016. Read more...

Art, Collectables and Personal Use Assets in SMSFs

SMSF Art, Collectables and Personal Use AssetsIn recent years there have been moves to clarify and restrict what SMSFs can and can’t do with collectables and personal use assets, such as art.

Triggered by the Cooper Review into the superannuation system the previous government introduced new rules for SMSFs holding ‘collectables and personal use assets’. These rules are currently in a transition phase.

Items deemed to be collectables and personal use assets include:

  • Art
  • Jewellery
  • Antiques
  • Coins
  • Postage stamps
  • Motor Vehicles
  • Memberships of sporting clubs
  • Read more...