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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


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