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23 Jan 09 On SMSF asset restrictions

MEMBER 3 writes:

"Last Sunday’s Sun Herald had an article about a Ronald Coles who "is at the centre of a scandal involving millions of dollars in missing money and art".  I believe that the missing millions have been directly caused by the ATO. The article states that Mr Coles purchased art on behalf of superannuation funds and because "super-funded investment art cannot be stored at home, Mr Coles retained the works". As a registered auditor, I believe that the safest place to store art is on the walls of a home or office where it can be seen every day and is covered by the household or business insurance. Homes and business premises are usually safe from environmental and burglary dangers as well. This ridiculous fanaticism about SMSFs on the part of the ATO has now cost some funds, as the headline said, "Millions of Dollars"."

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