For some time now, there has been debate about the merits of self managed superannuation fund (“SMSF”) holding collectibles and personal use assets as part of their investable assets. Whether it is artwork, stamps, rare coins, antiques, jewellery, and even rare wine or classic cars, such collectables and personal use assets have been and/or are held by some SMSF. (more…)
With more than $286 billion held through Self Managed Superannuation Funds (SMSFs), the Federal Government and Tax Office are keen to ensure all parties are complying with their obligations.
SMSF trustees are likely to receive greater interest from the Tax Office to ensure each trustee understands their roles and responsibilities in operating their SMSFs. The government and ATO believe many trustees are not sufficiently aware of their duties, and perhaps rely on the SMSF’s accountants, auditors and advisers to fill this deficiency. (more…)
The Australian Tax Office has released the latest statistics it has gathered on Self Managed Superannuation Funds (SMSFs).
At the end of the 31 March 2008 quarter, there were 378,656 SMSFs - an increase of 12% in 12 months.
