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Accounting News

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