Sunday, 7 February 2016

TRUSTEES OF SELF MANAGED SUPERANNUATION FUNDS NEED TO BE READY FOR THE NEW RULES REGARDING COLLECTIBLES FROM 1 JULY 2016



Collectible assets need to be held for the sole purpose of providing retirement benefits and not personal enjoyment in the current day environment.

The website link below from the ATO goes into more detail regarding holding collectibles such as artwork, antiques, coins, motor vehicles, jewellery and other collectibles.

The new rules focus on requirements regarding usage, storage, insurance, selling, leasing and valuations.

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

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia. 
 

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