The Australian Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, has released draft Regulations outlining rules for self managed superannuation fund (SMSF) investment in collectables and personal use assets.
For this purpose collectables and assets include artwork, jewellery, antiques, artefacts, coins or medallions, postage stamps or first day covers, rare folios, manuscripts or books, memorabilia, wine, cars, recreational boats and memberships of sporting or social clubs.
"These draft Regulations implement an election commitment to allow SMSF trustees to continue to invest in collectables, subject to tighter rules as to how they are stored and valued," Shorten said.
"The new rules will ensure that these investments are genuinely made for retirement income purposes and not for trustees' personal enjoyment."
"The Gillard government recognizes that collectables like artworks can be legitimate investment class, but acknowledges concerns over such assets attracting superannuation's concessional tax treatment while being available for 'personal benefit' - for example, being displayed in the home of a super fund member," he said.
Many of the draft regulations reflect the views expressed by the 'Stronger Super' SMSF working group.
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