Get ASX Price


Liability limited by scheme approved under Professional Standards Legislation

Latest News
Hot Issues
State and Federal COVID-19 support
Company directors must register - all you need to know
Hardship priority processing of tax refunds
Business valuations: Tips, tricks and traps
Government moves to scrap SG $450 threshold
World's most productive countries
Superannuation changes - Superannuation guarantee (SG)
Unused Super Contributions
Main residence exemption myths and misconceptions
ATO extends COVID-19 relief for SMSFs
Treasury consults on increase to charities financial reporting threshold
Greenhouse gas emission by country since 1880
ATO announces STP Phase 2 blanket deferral
Reminder: super changes for the 2021 financial year
Recontributions of COVID-19 early released super
Working from home during a COVID-19 lockdown: Can you claim a tax deduction for rent?
Lockdowns and mental health
Unemployment rate falls to 12-year low
ATO issues warning to first-time investors
World's largest armies 1816 - 2020
Extra 'super' step when hiring new employees
Pitfalls and proposed changes in the use of R&D tax incentives
Government expands SME loan scheme eligibility
COVID-19 disaster payments to be tax-free: Prime Minister Scott Morrison
Articles archive
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 2 of 2016
Articles
Reminder – Salary and Wages PAYG Shortfall
$20,000 Asset Write Off Reminder
Danger for buyers of Australian property of $2 million plus
Budget 2016-17
FBT Time
Fringe Benefits Tax – Company Holiday Home
Fringe Benefits Tax – Nil
Estate Planning - early inheritance
ATO issues SMSF tax warning
ATO seeks to dispel LRBA panic
Financial tools your family and friends can use.
$20,000 Asset Write Off Reminder
Tax office issues warning on imminent rule change
Age Pension means-test prevents rational decision-making
Locking Up Bank Accounts
ATO figures show property investors missing out on tax breaks
Tax office issues warning on imminent rule change

 

The ATO has issued a stern warning to SMSFs with collectible assets ahead of rule changes that come into effect on 1 July this year.



       


Following the 2010 Cooper Review, the rules relating to ownership of collectibles in an SMSF have been tightened.


Under the new rules, there are a series of investment standards that need to be met by the SMSF holding the collectibles, including that the asset cannot be stored in a private residence of a related party. In addition, there must be a documented decision about asset storage.


Most significantly, the collectible must be insured in the fund’s name within seven days of the SMSF acquiring it.


Speaking at the SMSF Association’s national conference in Adelaide last week, the ATO’s Kasey Macfarlane said the commissioner is not going to be sympathetic to those who have not met the new standards.


She noted there has been a five-year transitional period, which has given SMSF trustees ample opportunity to reassess or restructure their collectibles holdings.


The ATO’s advanced levels of data intelligence means trustees are more likely to get caught under these new rules if they are non-complying, Ms Macfarlane said.


She also added that it’s worth reviewing whether it’s worthwhile for your clients to be holding collectibles in their SMSF given the additional costs and restrictions under the new rules.


The SMSF Association’s Graeme Colley previously told SMSF Adviser that considering the recommendation from the Cooper Review was to do away with SMSFs investing in collectibles and artworks, it would be reasonable to expect that there will be no extension to the transitional period for those artworks and collectibles held by funds as at 30 June 2011.


“While this may create some issues for some artworks and collectibles in relation to insurance and storage, trustees have had many years to make adjustments to the fund investments,” Mr Colley said.


Mr Colley further noted that the holdings of artworks and collectibles by SMSFs have decreased from a peak of $731 million in March 2012 to the June 2015 level of $389 million.


 


MIRANDA BROWNLEE & KATARINA TAURIAN
Tuesday, 23 February 2016
accountantsdaily.com.au


 




11th-April-2016
 

Agostinelli Perlen
Phone: (03) 9654 2022 // Fax: (03) 9654 2044 // Email: info@agpe.com.au

Disclaimer | Privacy Statement