Clients with self-managed superannuation funds (SMSF) often ask what assets the SMSF can acquire.
The golden rule for acquiring assets inside your SMSF is why? To be compliant, your fund must be maintained for the sole purpose of
providing retirement benefits to members, or to their dependants if a member dies before retirement. The sole purpose test (section 62 of
the Superannuation Industry (Supervision) Act 1993), is your starting point. If the collectible you are looking to acquire does not
fulfil this purpose, then you have an immediate problem.
Let’s assume you are looking to acquire vintage cars. The question to ask is, is the acquisition a viable investment or simply a desire of
the members to own vintage cars. Does the investment ‘stack up’ relative to other forms of investment to build/protect the retirement
savings of members?
LIVE EVENT
3rd May 2024
Welcome to Mornington Peninsula's original pop-up pre-loved market with a difference. Fashion For A Cause is a not-for-profit
fundraiser event. Grab a fashion bargain or unique piece, wine with friends, bid on silent auction items, all to raise funds for Clothes
4U.Inc. All proceeds from the event including stall sales, ticket sales and clothing purchases on the night will be
double-dollar-matched and donated to Clothes 4U Inc.
The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of SMSFs.
It’s important that generational succession is managed as closely and diligently.
The great wealth transfer from the baby boomer generation has begun and home ownership is the catalyst.
The ATO is cracking down on business owners who take money or use company resources for themselves.
The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of SMSFs.
It’s important that generational succession is managed as closely and diligently.