From 1st July, 2011, the ATO implemented new legislative standards on collectables and personal use assets purchased by self-managed super funds (SMSF's). The objective was to ensure that any investments made by a fund for retirement purposes are used for that purpose and are not, in fact, current day benefits.
Items which can be considered 'collectables and personal use assets' may include such items as:
- Artwork
- Antiques and artefacts
- Jewellery
- Motor or recreational vehicles
- Alcohol
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- Memorabilia
- Postage Stamps
- Books or manuscripts
- Club memberships
- Coins and banknotes
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To read more, please click this link to open our End of Year Newsletter.
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At Kennas Chartered Accountants & Financial Services we like to keep people up to date, so we publish a newsletter frequently to keep you up to date.
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