Self Managed Super Funds - Collectables and Personal Use Assets
Under draft legislation released in February 2011, Self Managed Super Funds (SMSF) will continue to be allowed to invest in collectables and personal use assets such as artwork and stamps, provided they are held in accordance with new, tightened legislative standards from 1 July 2011.
The focus of the new rules will be to ensure these investments don't give rise to a personal benefit for SMSF trustees. The legislation will provide more detailed guidelines regarding exactly what trustees can and can't do.