Collectables Require Action Now

SMSFs holding collectables need to ensure they are compliant under the incoming regulations applicable from 1 July 2016.

The deadline does not leave much time for planning due to the nature of those assets.

The following assets are taken to be collectables and personal use assets – artwork, jewellery, antiques, artefacts, coins, medallions or bank notes, postage stamps or first day covers, rare folios, manuscripts or books, memorabilia, wine or spirits, motor vehicles, recreational boats, memberships of sporting clubs.

Assets acquired before 1 July 2011 had until 1 July 2016 to comply with the new criteria.

If there is a flood of these items on the market in the period closer to the deadline, what will happen to market value?

Anyone still with a problem should be taking action sooner, rather than later.

A non-complying SMSF can be a costly problem.

Written by a Melbourne based accounting firm

Cristy Houghton

Embarketing, 48 Johnston Street, Wagga Wagga, NSW, 2650

Cristy's unique career has taken her from country NSW to the city lights of Clarendon Street South Melbourne and back again. With an early career in radio as a copywriter and creative strategist, she is now a Jill of all trades as a graphic designer, website builder, blog writer, video editor, social media manager, marketing strategist and more. 

In fact, give her any task and this chick will figure out how to do it! Go on, we dare you!

No, really, we DARE you!!

Cristy has won two Australian Commercial Radio Awards (ACRAs) for Best Ad and Best Sales Promotion, and even has an 'Employee of the Year' certificate with her name on it.

Cristy and her husband James have traveled extensively through Russia, China and South East Asia, and have two fur-babies, Sooty (cat) and Panda (puppy). Cristy loves drinking coffee, meeting people to drink coffee, coffee tasting and coffee flavoured cocktails. She also enjoys road trips, TED Talks and watching cat videos on youtube.