19 May 11 Draft rules for SMSF investment in collectables and personal use assets
On 24 March 2011, Tax Laws Amendment (2011 Measures No 2) Bill 2011 was introduced into Parliament to amend the Superannuation Industry (Supervision) Act 1993 to give authority for regulations to make rules relating to self managed superannuation fund (SMSF) trustees making, holding and realising investment in collectables and personal use assets. The making of the regulations is subject to the Bill receiving Royal Assent.
In media release No 2011/079, issued 18 May 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of draft Regulations and an accompanying draft Explanatory Memorandum outlining rules for SMSF investment in collectables and personal use assets.
Interested parties are invited to make written submissions on the draft Regulations by Tuesday, 14 June 2011. For more information, go here