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SMSFs and Collectibles Deadline

Stringent new rules exist for SMSFs investing in collectibles and personal use assets. These assets include artworks, jewellery, banknotes and coins and motor vehicles.

There are a number of standards that must be met by an SMSF holding collectibles including that the asset cannot be stored in a private residence of a related party, all collectibles must be insured in the fund's name and transfers to a related party must be made at a market price as determined by a qualified independent valuer.

Collectibles held before 1 July 2011 were exempt from these rules for a transitional period. The transitional treatment ends 30 June 2016 and the ATO has commented that the commissioner will not be sympathetic to those who fail to meet the new standards.
Collectible and personal use assets purchased prior to 1 July 2011 transferred out of the fund prior to 30 June 2016 do not need the transfer to be supported by a qualified independent valuation.

Obtaining a qualified independent valuation could involve substantial cost so SMSFs holding collectibles should seriously consider taking this last opportunity to transfer collectibles out of the fund prior to 30 June 2016.

See the following link for further information about the new rules for collectibles and personal use assets:

https://www.ato.gov.au/Super/Self-managed-super-funds/Investing/Restrictions-on-investments/Collectables-and-personal-use-assets/

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