Stricter Rules to Target SMSF’S Holding Artwork and Other Collectables

From 1 July 2011, stricter rules were introduced relating to SMSF’s holding artwork and other collectables (such as jewellery, coins, memorabilia, wine etc).  While the stricter rules applied immediately to artwork and collectables purchased after 1 July 2011, a 5 year transitional period was introduced for artwork and collectables already held by SMSF’s at 1 July 2011.  Five years on, the transitional period ends on 1 July 2016 and from that date, all SMSF’s holding artwork or collectables will now need to be mindful of the stricter rules or risk being non-complying and be subject to the top marginal rate of taxation.

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