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
Hot Issues
- Time for a superannuation check-up?
- Scam alert: fake ASIC branding on social media
- Millions of landlords the target of expanded ATO crackdown
- Government urged to exempt small firms from TPB reforms
- ATO warns businesses on looming TPAR deadline
- How to read a Balance Sheet
- Unregistered or Registered Trade Marks?
- Most Popular Operating Systems 1999 - 2022
- 7 Steps to Dealing With a Legal Issue or Dispute
- How Do I Resolve a Dispute With My Supplier?
- Changes to Casual Employment in August 2024
- Temporary FBT break lifts plug-in hybrid sales 130%
- The five reasons why the $A is likely to rise further - if recession is avoided
- June quarter inflation data reduces risk of rate risk
- ‘Bleisure’ travel claims in ATO sights, experts warn
- Most Gold Medals in Summer Olympic Games (1896-2024)
- Estate planning considerations
- 5 checklists to support your business
- Are you receiving Personal Services Income?
- What Employment Contracts Does My Small Business Need?
- The superannuation changes from 1 July
- Hasty lodgers twice as likely to make mistakes, ATO warns
- Landlords who ‘double dip’, fudge deductions in ATO crosshairs
- Most Spoken Languages in the World
- Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
- Compare your business
- 2024 Year End Tax Planning Guide (Part 2)
- ATO to crack down on rental income, WFH deductions this tax time
- How to Draft a Standard Form Contract
- GST, PAYG withholding a ‘significant portion’ of $50bn tax debt
- ATO changes will make it harder for over 42,000 small businesses.
- The Deadliest pandemics in History
Article archive
- April - June 2024
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
- January - March 2015
- October - December 2014
October - December 2015 archive
- FBT – Christmas Parties and Taxi Fares
- Merry Christmas for 2015 and Happy New Year.
- Common errors in claiming deductions for super contributions
- Employee Christmas Parties and Gifts – Any FBT?
- Collectables Require Action Now
- Why the ATO’s new powers make SMSF compliance more important than ever
- Self Managed Superannuation Funds – Is it for Retirement?
- ATO warns against misusing partnerships
- The Scammers Shame
- ATO offers SMSF 'unwinding' for aggressive tax arrangements
- Salary and Wages PAYG Shortfall
- SuperStream
- Australian Taxation Office (ATO) Telephone Scammers – BEWARE!
- Navigating the BDBN minefield
- SMSFs warned on emerging LRBA issue
- Short Access to Term Deposits
- Retirees taking super in lump sum is a ‘myth'