Newcastle Accountants | Maitland Accountants | Bottrell Offices located in Newcastle, Maitland. Your local Accountants, Tax Agents & Advisors in Newcastle & Maitland.

Super fund collectables

Super fund collectables

The ATO is asking practitioners to review whether they have SMSF clients who hold investments in collectables or personal-use assets that were acquired before 1 July 2011.

If so, they only have until 1 July 2016 to comply with the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations).

From 1 July 2011, investments in collectables and personal-use assets have been subject to strict rules under the SIS Regulations.

The rules require that such items:

  • Can’t be leased to or used by a related party;
  • Can’t be stored or displayed in a private residence of a related party;
  • Must have decisions about their storage documented and kept;
  • Must be insured in the fund’s name within seven days of acquisition; and
  • Must have qualified independent valuation if they are transferred to a related party.

However, items acquired before 1 July 2011 can be transferred to a related party without a qualified independent valuation provided the transfer takes place before 1 July 2016, and the transaction is made on an arm’s length basis.

Ref: ATO Website- Collectables- Time is running out

 

Are you interested in joining our team?

Are you interested in joining our team? We have offices in Newcastle, East Maitland, Brisbane, Surfers Paradise, Melbourne and Sydney, make sure you Contact our office today!

Why choose to work with us?

When building a team we always search for people who love to win! If we can’t find any of those, we find people who hate to loose.

It is our people that makes us makes us an award winning team!

  • Our people are passionate and love what they do.
  • Our people take pride in what they do – ‘do it right the first time’
  • Our people genuinely care about our values clients and want to see our clients succeed
  • Our people deliver results
  • Our people unite as a team to dominate and achieve great things

We are a young and dynamic team of Chartered Accountants and business advisors passionate about assisting our clients achieve there financial and personal goals.

We are seeking highly motivated staff, that are passionate career focused and have a genuine interest in joining an award winning team.

author avatar
Bottrell Group

, , , , , , , , , , , , , , ,

Comments are closed.