Current news from our news service

Hot Issues
spacer
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
spacer
Year-end tax planning
spacer
Home Office & end of 2021 tax year
spacer
ATO extends STP finalisation due date
spacer
Super transfer balance cap increase from 1 July 2021
spacer
ATO extends Division 7A COVID-19 relief
spacer
Tax implications - more than one job
spacer
Tax mix to rely more heavily on income tax as the Treasurer ducks austerity
spacer
10% Super Guarantee from 1st July 2021
spacer
End of year financial strategies
spacer
Closely held payees: STP options for small employers
spacer
Videos to help understand accounting topics.
spacer
ATO Small Business Newsroom - May / June
spacer
New insolvency rules commence
spacer
ATO sheds light on crypto compliance focus
spacer
Post Federal budget reflections
spacer
Federal Budget 2021 - Overview
spacer
Building a more secure and resilient Australia
spacer
Federal Budget 2021 - Health
spacer
ATO signals crackdown on 4 ineligible work-from-home claims
spacer
Taxpayers urged to keep work-from-home records
spacer
Businesses feeling ‘adverse’ impacts of COVID-safe measures: ABS
spacer
New insolvency rules commence
spacer
ATO promises not to ‘destroy’ businesses as it resumes debt collection
Article archive
spacer
Quarter 2 April - June 2021
spacer
Quarter 1 January - March 2021
spacer
Quarter 4 October - December 2020
spacer
Quarter 3 July - September 2020
spacer
Quarter 2 April - June 2020
spacer
Quarter 1 January - March 2020
spacer
Quarter 4 October - December 2019
spacer
Quarter 3 July - September 2019
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Quarter 1 of, 2015 archive
spacer
ATO states estimates are acceptable
spacer
Hockey considers super access for first time home buyers
spacer
Reportable Fringe Benefit Amount - Employer Reporting
spacer
Simple Mistake on Share Transfer
spacer
ATO highlights billions in forgotten super
spacer
In a bankruptcy what does a trustee do?
spacer
Bankruptcies, what are they?
spacer
SMSF trustees unprepared for new collectibles rules
spacer
We wish all our clients a Merry Christmas, a Happy New Year and a restful holiday
spacer
Employee Christmas Parties and Gifts – Any FBT?
spacer
Breaking down the latest ATO determination on TRIS
SMSF trustees unprepared for new collectibles rules



 

SMSF trustees are broadly unprepared for the impending changes to the collectibles rules ....



.... that come into effect from July next year, according to one major administrator.

     

Speaking to SMSF Adviser, AMP SMSF’s administration head of technical services Phil La Greca said while requirements for collectible assets around insurance, storage and valuations are already in place for collectibles acquired from July 2011, collectible assets acquired prior to this will also need to comply from July next year.

“I think [trustees] are putting it off; whenever there’s a deadline, people put it off to the last minute in the hope that the deadline gets changed or moved,” said Mr La Greca.

“There have always been issues; even now the rules have been in place since 2011, [but] you still see articles coming out saying they need to reverse the rules because they’re hurting the art industry.”

Mr La Greca said those holding grandfathered collectibles in their SMSF will need to “start seriously thinking over the next 18 months whether or not they can actually comply with the new rules”.

“From an adviser view point, if you have clients with collectibles in their SMSF, now is the time to start asking clients what they are going to do,” he said.

“[Advisers] need to reinforce the message that clients haven’t got long, that they need to find an insurer, somewhere to store it that complies with the rules and what it is going to cost.”

Mr La Greca said advisers need to make their clients aware that if the collectible asset isn’t generating any income, then the other assets in the SMSF will have to pay for the costs associated with keeping it in the SMSF.

“It’s all well and good to say, "Well the asset doubled in value in three years because it’s a $10,000 asset that doubles to $20,000" but if I spend $5,000 a year storing it and insuring it, then I haven’t made any money have I?” he said.

Written by Miranda Brownlee
Tuesday, 03 February 2015
http://www.smsfadviseronline.com.au

site By PlannerWeb