Collectables Require Action Now

SMSFs holding collectables need to ensure they are compliant under the incoming regulations applicable from 1 July 2016.

 

The deadline does not leave much time for planning due to the nature of those assets.

The following assets are taken to be collectables and personal use assets – artwork, jewellery, antiques, artefacts, coins, medallions or bank notes, postage stamps or first day covers, rare folios, manuscripts or books, memorabilia, wine or spirits, motor vehicles, recreational boats, memberships of sporting clubs.

Assets acquired before 1 July 2011 had until 1 July 2016 to comply with the new criteria.

If there is a flood of these items on the market in the period closer to the deadline, what will happen to market value?

Anyone still with a problem should be taking action sooner, rather than later.

A non-complying SMSF can be a costly problem.

 

Written by a Melbourne based accounting firm


All the world’s a stage, and all the men and women are merely players William Shakespeare
A fool and his money are soon parted. What I want to know is how they got together in the first place Cyril Fletcher
My main problem is reconciling my gross habits with my net income Errol Flynn
All I ask is the chance to prove that money can't make me happy Spike Milligan
A very rich person should leave his kids enough to do anything but not enough to do nothing Warren Buffet
Next to being shot at and missed, nothing is quite as satisfying as an income tax refund F.J. Raymond
Those are my principles, and if you don't like them... well, I have others Groucho Marx

© 2018 Moneytax. All rights reserved. Disclaimer | Privacy

Site by PlannerWeb.