Back-flip on SMSF’s and artwork
Paul Benson | July 30th, 2010 - 4:42 pm
A re-elected Gillard Government will allow SMSFs to continue investing in collectables, including artwork, if trustees comply with new guidelines. From 1 July 2011 collectables and personal use assets owned by self managed superannuation funds (SMSFs) must be stored according to new rules to prevent them from giving rise to a personal benefit.
Only around 1% of all SMSF’s own artwork within their fund, yet the proposed change to prevent this form of investment caused concern amongst the art community which risked losing a valuable customer source.
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