The Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, today released draft Regulations outlining rules for self managed superannuation fund (SMSF) investment in collectables and personal use assets.
"These draft Regulations implement an election commitment to allow SMSF trustees to continue to invest in collectables, subject to tighter rules as to how they are stored and valued" Mr Shorten said.
"The new rules will ensure that these investments are genuinely made for retirement income purposes and not for trustees' personal enjoyment."
"The Gillard Government recognises that collectables like artworks can be legitimate investment class, but acknowledges concerns over such assets attracting superannuation's concessional tax treatment while being available for 'personal benefit' - for example, being displayed in the home of a super fund member," he said.
Many of the draft regulations reflect the views expressed by the 'Stronger Super' SMSF working group. Further information on these reforms, as well as the draft Regulations and associated explanatory material, is available at strongersuper.treasury.gov.au.
Consultation Process
Interested parties are invited to make written submissions on the draft Regulations by Tuesday, 14 June 2011.
Submissions may be lodged electronically or by post to:
Manager
Benefits and Regulation Unit
Personal and Retirement Income Division
The Treasury
Langton Crescent
PARKES ACT 2600
Email: strongersuper@treasury.gov.au