So I understand that you can't have more than 5% (or total funds values) as in-house assets. I am wondering if I can update my PC (which is now looking 'good' into its 6th year) which I use daily for SMSF research using my SMSFunds. Have searched high and low as to whether or not this is legit, to no avail. Anyone know?? Also, there is talk about 5% in terms of art as a collectable that can be enjoyed so long as it is worth less than 5%... no need to lease. While I am not personally interested in this.... can it be other collectables like jewellery? Thanks.
If you use your PC soley for your super its fine. Otherwise you have more problems than just in-house assets. You are not allowed to use it for personal use as it contavenes the sole purpose test. Your super is to provide you with an income stream for retirement. Not there to provide you with doodads. As with jewellery if its an investment and you do not derive any personal benefit and is stored off site and insured, fine. Kind Regards non recourse
Why then is it ok for art to be hung in homes if the art is valued within the 5% rule? I would have assumed if the art can be stored on the premises, that all other could too. Mind you the jewellery would practically need to be costume as my super is not really 'super'... I don't have SUPERannuation, I have BELOWAVERAGEannuation. Shiny.
You use to be able to hang art in your home. My understanding is this is now deemed to contravene the sole purpose test? Kind Regards non recourse
