Issue: 265
Sent: 24-05-2011 09:13:05
In this issue:

Oil Prices: How Much Speculation?A How To Book Of Self Managed Super FundsSMSFs, Artwork & Collectables
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SMSFs, Artwork & Collectables

Click here to buy - A How To Book of SMSF's by Tony Negline
Tony Negline

The Government has released draft regulations dealing with artwork and collectables ('A&C') owned by Self Managed Super Funds.

This is the first recommendation out of the Cooper Review to be almost finalised. (The Cooper Review actually recommended that these types of assets be banned but both the Government and Opposition rejected these suggestions.) The remainder of the Cooper Review's recommendations that have been accepted by the Government will be dealt with over the next couple of years.

These draft regs look fairly well drafted and it would be surprising if there was too much variance from what has been released when they are ultimately finalised.

The regulations apply to all new investments in A&C made after June 2011. For such investments held by a super fund before July 2011 the new rules will not have to be complied with until after June 2016 - that is, about five years after commencement.

The major issue with A&C is the sole purpose test and potentially breaching it by gaining a current day benefit.

My DIY Super article in The Australian's Wealth section about these new rules will be published on 1 June.

I'll be adding some material about these draft regulations in my book.

Please consider purchasing a copy of this book "A How To Book Of Self Managed Super Funds". You can look at the contents page at the following link:

The 5th edition has just been released.

For details of the changes made from version 4 to version 5 visit:

As you'll see from the list there have been many changes.

Two purchase options are available - once only subscription - $55 inc GST - or an annual subscription will gives you access to all the updates made throughout the year ($120 inc GST). The book can be purchased at the following link:

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This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.

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