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Collectibles and personal use assets

As previously reported – on 1 July 2011, rules were introduced into the Superannuation Industry (Supervision) Act 1993 (SIS Act) for SMSF investments in collectables and personal use assets.

The ATO have recently released further guidance, in the form of answers to some common asked questions, to assist trustees and their advisers in better understanding these new rules around collectables and personal use assets.

To find out how your investments in such assets stack up to the new rules, contact us at The SMSF Accountant.

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Diana Morris founded The SMSF Accountant in 2010. Diana is a member of the Institute of Chartered Accountants, holds a current public practice certificate, and is a registered tax agent. Diana has completed a Bachelor of Commerce degree and a Graduate Diploma of Chartered Accounting.