Investing In Personal Use Assets & Collectibles In SMSFs

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Date: 01/07/2011

From art collecting to cars, boats, even golf membership, the government's proposing to tighten up the rules about investing in collectibles and personal use assets by self-managed super. Enthusiasts, watch this space!

If you're an art collector or hobby sports enthusiast who enjoys investing items of your interest into self-managed super, be alert to new legislation - in draft form as of June 2011 - which will tighten the rules on what you can, and can't, do with the invested assets. That warning from Susan Orchard of GAAP Consulting, who says advisers and auditors need to make sure their clients are aware of the new rules. The rulesapply from 30 June 2011 for newly invested assets, with a little breathing space for investors with assets already in the fund. The latter will have until mid 2016 to become aligned with the new legislation.