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New Standards for SMSFs investing in collectables and personal use assets

In the Stronger Super package of proposed changes and also announced in the 2011 Federal Budget was the Government’s intent in tightening the legaslative requirements around SMSFs investing in collectables and personal use assets.  These new standards received royal assent today and apply to all new purchases of such assets from 1 July 2011.  All existing investments in such assets must also comply with these new rules, or be sold before 1 July 2016.

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.