The draft legislation allows people with self-managed super funds to continue to invest in art and other personal use assets. However, the rules will be tighten so people can’t claim they are, for example, ‘collecting’ high-end sports cars, paying reduced tax and then actually driving around in those vehicles. The new rules will ensure these investments do not give rise to a personal benefit for SMSF trustees, but rather are held for the purpose of providing retirement benefits. Associated draft regulations that set out the rules that will apply to SMSF investments in collectables and personal use assets will be released for public comment following consultation with relevant stakeholders on their design.
Further information on these reforms, as well as the draft Bill and associated explanatory material, is available as strongersuper.treasury.gov.au.
Interested parties are invited to make written submissions on the draft Bill.
Submissions may be lodged electronically or by post to:
Benefits and Regulation Unit
Personal and Retirement Income Division
PARKES ACT 2600