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Collectables and personal use assets in an SMSF

Publication date: 09 Dec 15 | Source: CCH TAX WEEK

Issue: Issue 48 December 2015

Pages: pp. 1-4

Abstract:

All newly acquired investments by SMSF trustees in collectables and personal use assets since 1 July 2011 have been subject to strict rules under reg13.18AA of the Superannuation Industry (Supervision) Regulations 1994 (Cth) (“SISR”). However, SMSF trustees should be aware that the grandfathering relief in relation to such investments that were held prior to 1 July 2011 will come to an end on 1 July 2016. Therefore, to avoid potential penalties, SMSF trustees with grandfathered investments in collectables and personal use assets will need to consider the current rules carefully and take appropriate action before 1 July 2016 to ensure their investments are compliant.

This article provides an overview of the rules concerning collectables and personal use assets.

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Author profiles

William Fettes
William is a lawyer at leading SMSF law firm DBA Lawyers where his work focuses on superannuation law compliance, succession planning and taxation in an SMSF context. Before joining DBA Lawyers, William worked in a variety of roles involving wills and estates law and philanthropy. William holds a Bachelor of Laws and Bachelor of Arts from Monash University. - Current at 01 November 2017
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Bryce Figot CTA
Bryce is a Director at leading SMSF law firm DBA Lawyers. He practices predominantly in taxation and superannuation law, particularly the law of SMSFs. He is regularly quoted and published in the Australian Financial Review, the Herald Sun, CCH and LexisNexis publications, and elsewhere in the financial press. He presents extensively to accountants, financial planners and lawyers Australia-wide. Bryce has worked with DBA Lawyers since 2003. He holds both a bachelor degree and a masters degree in law and is an accredited Specialist SMSF Advisor. - Current at 10 December 2015
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