Collectables and personal use assets - questions and answers

Overview

On 1 July 2011 rules were introduced into the Superannuation Industry (Supervision) Act 1993 (SIS Act) for self-managed superannuation fund (SMSF) investments in collectables and personal use assets.

These rules took effect on 1 July 2011. They apply to all collectable and personal use asset investments made by SMSFs on or after that date. If your SMSF held an investment in a collectable or personal use asset prior to 1 July 2011, it has until 1 July 2016 to comply with the rules. This transitional period provides SMSF trustees with existing investments in collectables and personal use assets time to comply with the rules.

It is important to remember all existing investment restrictions contained in the SIS Act, including the sole purpose provisions, must still be complied with.