|New Restrictions on SMSF Investment in Artworks, etc|
|Changes have been made to prevent self-managed superannuation fund
(SMSF) trustees from gaining current day benefit from the fund.|
This is the reason for limiting future investment in collectables and other personal use assets, for example artwork, jewellery, antiques, coins and stamps, wine or spirits and motor vehicles.
The regulations are designed to ensure such investments are made for genuine retirement income purposes only. Your adviser can explain these complex exemptions, which will nevertheless often mean that the investment will be prohibited.
Although the new regulations commenced on 1 July 2011, there is a five-year transitional period for assets that were held by an SMSF as at 30 June 2011.