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Quarter 4 of, 2015 archive
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FBT – Christmas Parties and Taxi Fares
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Merry Christmas for 2015 and Happy New Year.
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Common errors in claiming deductions for super contributions
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Employee Christmas Parties and Gifts – Any FBT?
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Collectables Require Action Now
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Why the ATO’s new powers make SMSF compliance more important than ever
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Self Managed Superannuation Funds – Is it for Retirement?
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ATO warns against misusing partnerships
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The Scammers Shame
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ATO offers SMSF 'unwinding' for aggressive tax arrangements
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Salary and Wages PAYG Shortfall
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SuperStream
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Australian Taxation Office (ATO) Telephone Scammers – BEWARE!
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Navigating the BDBN minefield
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SMSFs warned on emerging LRBA issue
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Short Access to Term Deposits
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Retirees taking super in lump sum is a ‘myth'
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

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