Self-managed super funds investing in collectables and personal use assets

This measure will ensure investments in collectables and personal use assets by self-managed super funds (SMSFs) do not give rise to a current day benefit for SMSF trustees, so that such investments are made for genuine retirement purposes.

SMSF trustees must comply with any rules set by the regulations in relation to investments in collectables and personal use assets, in addition to the rules such as in-house asset rules that apply to some or all other assets.

This measure will apply to all new investments of collectables and personal use assets from 1 July 2011 and all existing holdings must comply with these regulations or be disposed of by 1 July 2016.

These proposed changes have received royal assent and are now law.

Media release

The following media releases have been issued by the Assistant Treasurer and Minister for Financial Services and Superannuation:

• Media release no.079/2011: Draft rules for SMSF investment in collectables and personal use assets, issued on 19 May 2011
• Media release no.022/2011: Self managed super funds can still invest in collectibles and personal use assets, issued on 1 February 2011
• Media release no.024/2010: Government super reforms mean more money in retirement, issued 16 December 2010.

Legislation and supporting material

Tax Laws Amendment (2011 Measures No. 2) Act 2011 and the Explanatory Memorandum, which received royal assent on 27 June 2011.

More information For more information refer to: Superannuation Industry (Supervision) Amendment Regulations 2011 (No. 2), the Explanatory Statement Superannuation Industry (Supervision) Regulations 1994 Collectables and personal use assets - questions and answers.