Collectables Require Action Now
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