Collectables already get reprieve from Cooper recs
One of the few Cooper Review recommendations that directly affected SMSF trustees was that all assets generally known as ‘collectables’ (e.g. art, wine, rare coins etc) should be banned from being owned in a SMSF. This sparked a bit of debate in professional circles, and we can’t say we saw too many being in favour of it.
Well, it did not take long to be thrown out, as on the 30th July, the Labor Government announced that it would not go ahead with this recommendation if it gets re-elected. However, it did state that trustees will need to adhere to new guidelines around documentation, and how these assets are purchased, stored and valued. This is a really good outcome. We did not believe a ban on these assets was warranted, and would have been a very bad outcome for those trustees who have chosen this asset class due to a particular expertise in this area. Further to this, better standards on how these assets are kept will only be a good thing. Given the Liberals and Greens have not been advocates (as far as we have seen) of the total ban recommendation, it is highly unlikely it will now proceed.
