Collectables and Personal Use Assets in SMSFs

The rules applying to SMSFs which hold art, collectables and personal use assets, applying to some assets from 1 July 2011, and to others from 1 July 2016.

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

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SMSFs & Market Value: When is it required?

SMSF annual market-value valuationWhile from 2012/13 SMSFs are required to value assets at market value , which we discussed in another article, there are a number of areas in which SMSFs were already required to use market values:

  • Related Party Transactions
  • Collectables and Personal Use Assets
  • In-House Assets
  • Pensions

Collectables and Personal-Use Assets

SIS Regulation 13.18AA places additional requirements on SMSFs holding ‘Collectables and Personal-use Assets’, which include:

  • Art
  • Antiques
  • Jewellery
  • Motor Vehicles

For the full list, see regulation 13.18AA

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