Anyone notice this change to SMSF rules - will it affect bullion?

Discussion in 'Wealth Creation & Management' started by Agnostic, Jul 1, 2016.

  1. Agnostic

    Agnostic Active Member Silver Stacker

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    Just saw this on the news, comes into effect today 1 July 2016:

    People with self-managed super funds can no longer store collectibles such as jewellery and art at a SMSF trustee's home. They must also be insured in the name of your super fund.

    Has anyone commented on SS about this already?
     
  2. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    This looks like a rule designed to prevent people from gaining a tangible benefit from their super. In other words, hanging nice art on the wall of your house, or wearing nice jewellery or having other collectables on display.

    Super was originally intended to be investment only. You're not supposed to get any immediate dividend or benefit from your super investment.

    So, in summary I doubt there is an issue with pure bullion if there is no numismatic (collectable) component.
     
  3. Agnostic

    Agnostic Active Member Silver Stacker

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    There is an issue.

    The definition includes bullion coins.

    Definition of collectables and personal use assets

    Collectables and personal use assets are:
    artwork including paintings, sculptures, drawings, engravings and photographs
    jewellery
    antiques
    artefacts
    coins, medallions or bank notes coins and banknotes are collectables if their value exceeds their face value
    bullion coins are collectables if their value exceeds their face value and they are traded at a price above the spot price of their metal content


    postage stamps or first-day covers
    rare folios, manuscripts or books
    memorabilia
    wine or spirits
    motor vehicles and motorcycles
    recreational boats
    memberships of sporting or social clubs.
     
  4. Agnostic

    Agnostic Active Member Silver Stacker

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  5. House

    House Administrator Staff Member

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    It's been in the works for 5+ years since the Cooper Review. They wanted to ban all that kind of stuff but it was decided not to as long as no personal benefit would be derived.

    I've seen coins on the list but nothing about bullion. Not sure how much pleasure can be derived by a plain lump of industrial metal. Unless...
     
  6. billybob888

    billybob888 Well-Known Member Silver Stacker

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    Super is just a scam for younger generagtion. Probably be nationalised if the government runs into financial trouble
     
  7. smk762

    smk762 Active Member Silver Stacker

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    Pension won't last beyond the baby boomers. Super will be just enough to get by for gen X. Gen Y will be technoslaves in matrix pods.
     

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