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SPAA welcomes SMSF collectibles decision
The Self-Managed Super Fund Professionals’ Association of Australia (SPAA) has supported the Government’s decision to reject Cooper Review recommendations that art and collectibles should be banned from self-managed super funds (SMSFs).
New Government guidelines are broadly in line with best practice guidelines presented to the Government last month by the SPAA in conjunction with the Arts Association of Australia (AAA) and the Australian Antique and Art Dealers Association (AAADA), according to the SPAA.
Under the new guidelines, from 1 July, 2011 collectables and personal-use assets owned by SMSFs must be stored according to new rules to prevent them from giving rise to a personal benefit, and SMSFs won’t have to relinquish existing investments in collectables as had been recommended by the Cooper Review.
“We strongly believe collectables, including artwork, are a suitable investment option for many SMSF trustees, and that SMSF trustees should be able to continue to choose these investments for their funds if they deem them appropriate,” said SPAA chief executive Andrea Slattery.
“Industry adoption of the SPAA/Australian Artists Association guideline on artwork in SMSFs will clarify trustee and auditor obligations by setting a standard for effective storage, documentation and valuation of collectables in SMSFs.”
The final Cooper Report recommended a ban on collectables in SMSFs and proposed a five-year transition period to dispose of existing collectables and personal-use assets.
Slattery said strengthening guidelines on how the assets are kept, rather than preventing SMSFs from holding artworks and other collectables, was the best way forward.
AUTHOR
Mike Taylor
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