10 Dec Deadline For Changes To SIS Act Relating To Collectibles
In July, 2016 new rules regarding collectibles will be operational. Under the new rules, there are a number of investment standards that need to be met by any SMSF holding collectibles such as art works, wine or vintage motor vehicles.
The collectible cannot be stored in a private residence of a related party. In addition, there must be a documented decision about asset storage. Also the asset must be insured in the fund’s name within seven days of the SMSF acquiring it.
These rules must be complied with from 1 July 2016 and extensions in time to do so are very unlikely to be granted by the ATO.
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Happy Investing.