Are you a trustee of a self managed superannuation fund (SMSF)?
Do you have a knack of investing in paintings by unknown artists, who later become famous like Monet or Pro Hart?
Do you know a thing or two about wines or spirits, which in coming years will appreciate in value, such as a Grange Hermitage?
Alternatively do you invest in jewellery, coins, banknotes, postage stamps, memorabilia etc., anticipating that it will increase in value, providing members of the SMSF a pension for many years to come.
Did you use funds from the SMSF to invest in these collectibles/personal use assets?
Then the next bit of information is very important for you to know.
Does the date 30 June 2016 ring any bells for you?
Well it should, this is D Day for Art and Collectibles being held in an SMSF.
The Australian Taxation Office has introduced new rules which need to be complied with.
The new rules forbid displaying any of these investments in your place of business or home. Investments that are being leased must be leased to a non‑related party at arms-length. The item/s must also be correctly insured and independently valued each year.
Any self managed superannuation funds investing in collectibles and personal use assets that do not meet all the requirements must be disposed of prior to 30 June 2016.
If for any reason you need help, Optima Partners are only a phone call away.
Pick up the phone and call us for all your superannuation and accounting needs on 6267 2200.
Contributed by
Zoi Yannakis –Accountant
Optima Partners, March 2015
