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I am considering starting a self managed super fund. Can an SMSF invest in paintings?

The Australian Tax Office confirmed that a self-managed super fund (SMSF) may invest in artwork as part of a properly considered investment strategy. You need to make sure that the investment in your SMSF is permitted under the trust deed and is part of a properly considered investment strategy pursuant to the law.

The regulations do not state which types of assets an SMSF can invest in. However, it does impose a number of requirements for trustees to consider when giving effect to the fund's investment strategy.

Generally, fund investments in art, paintings, coins, stamps, jewellery and antiques are regarded as collectables for CGT purposes. Any capital gains or losses from collectables that were acquired for $500 or less are disregarded for CGT purposes.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Monday, August 02, 2010

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