Investing in collectables and personal use assets - 14/08/2011

New standards now apply to SMSFs that make new investments in collectables and personal use assets. The standards will ensure investments in collectables and personal use assets by self-managed super funds (SMSFs) do not give rise to a current day benefit for SMSF trustees, so that such investments are made for genuine retirement purposes.

SMSF trustees must comply with any rules set by the regulations in relation to investments in collectables and personal use assets, in addition to the rules such as in-house assets rules that apply to some or all other assets.

This measure, will apply to all new investments of collectables and personal use assets from 1 July 2011 and all existing holdings must comply with these regulations or be disposed of by 1 July 2016.

Source: www.ato.gov.au

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