Collectables Require Action Now
SMSFs holding collectables need to ensure they are compliant under the incoming regulations applicable from 1 July 2016.
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
Hot Issues
- Small businesses may ‘collapse under strain of payday super’, IPA warns
- ATO’s hands tied with scrapping on-hold debts, expert says
- What Drives Your Business Growth and Profits?
- Australian Taxation Office (ATO) shifting to firmer debt collection activity
- Why employee v contractor comes down to fine print
- Sharing economy reporting regime for platform operators
- Countries producing the most solar power by gigawatt hours
- Illegal access nets $637 million
- Accessing superannuation benefits.
- Does your business have a company Power of Attorney?
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- GrantConnect
- 2 in 3 SMEs benefit from instant asset write-off, survey reveals
- Updated guidance on R&D claims
- Do you know how to recover debts?
- Wheat Production by Country
- Types of small business benchmarks
- What is a Commercial Lease?
- ATO warns advisers against suspect R&D tax claims
- The year of workplace law upheaval
- How to Resolve Invoice Payment Disputes
- Raft of revenue tweaks in MYEFO to raise millions
- The Countries that Export the Most Wine in the World
Article archive
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
- January - March 2015
- October - December 2014
October - December 2015 archive
- FBT – Christmas Parties and Taxi Fares
- Merry Christmas for 2015 and Happy New Year.
- Common errors in claiming deductions for super contributions
- Employee Christmas Parties and Gifts – Any FBT?
- Collectables Require Action Now
- Why the ATO’s new powers make SMSF compliance more important than ever
- Self Managed Superannuation Funds – Is it for Retirement?
- ATO warns against misusing partnerships
- The Scammers Shame
- ATO offers SMSF 'unwinding' for aggressive tax arrangements
- Salary and Wages PAYG Shortfall
- SuperStream
- Australian Taxation Office (ATO) Telephone Scammers – BEWARE!
- Navigating the BDBN minefield
- SMSFs warned on emerging LRBA issue
- Short Access to Term Deposits
- Retirees taking super in lump sum is a ‘myth'
What our clients say about us