Hot Issues
spacer
Small businesses may ‘collapse under strain of payday super’, IPA warns
spacer
ATO’s hands tied with scrapping on-hold debts, expert says
spacer
What Drives Your Business Growth and Profits?
spacer
Australian Taxation Office (ATO) shifting to firmer debt collection activity
spacer
Why employee v contractor comes down to fine print
spacer
Sharing economy reporting regime for platform operators
spacer
Countries producing the most solar power by gigawatt hours
spacer
Illegal access nets $637 million
spacer
Accessing superannuation benefits.
spacer
Does your business have a company Power of Attorney?
spacer
Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
spacer
GrantConnect
spacer
2 in 3 SMEs benefit from instant asset write-off, survey reveals
spacer
Updated guidance on R&D claims
spacer
Do you know how to recover debts?
spacer
Wheat Production by Country
spacer
Types of small business benchmarks
spacer
What is a Commercial Lease?
spacer
ATO warns advisers against suspect R&D tax claims
spacer
The year of workplace law upheaval
spacer
How to Resolve Invoice Payment Disputes
spacer
Raft of revenue tweaks in MYEFO to raise millions
spacer
The Countries that Export the Most Wine in the World
Article archive
spacer
Quarter 4 October - December 2023
spacer
Quarter 3 July - September 2023
spacer
Quarter 2 April - June 2023
spacer
Quarter 1 January - March 2023
spacer
Quarter 4 October - December 2022
spacer
Quarter 3 July - September 2022
spacer
Quarter 2 April - June 2022
spacer
Quarter 1 January - March 2022
spacer
Quarter 4 October - December 2021
spacer
Quarter 3 July - September 2021
spacer
Quarter 2 April - June 2021
spacer
Quarter 1 January - March 2021
spacer
Quarter 4 October - December 2020
spacer
Quarter 3 July - September 2020
spacer
Quarter 2 April - June 2020
spacer
Quarter 1 January - March 2020
spacer
Quarter 4 October - December 2019
spacer
Quarter 3 July - September 2019
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Quarter 1 of, 2015 archive
spacer
ATO states estimates are acceptable
spacer
Hockey considers super access for first time home buyers
spacer
Reportable Fringe Benefit Amount - Employer Reporting
spacer
Simple Mistake on Share Transfer
spacer
ATO highlights billions in forgotten super
spacer
In a bankruptcy what does a trustee do?
spacer
Bankruptcies, what are they?
spacer
SMSF trustees unprepared for new collectibles rules
spacer
We wish all our clients a Merry Christmas, a Happy New Year and a restful holiday
spacer
Employee Christmas Parties and Gifts – Any FBT?
spacer
Breaking down the latest ATO determination on TRIS
SMSF trustees unprepared for new collectibles rules



 

SMSF trustees are broadly unprepared for the impending changes to the collectibles rules ....



.... that come into effect from July next year, according to one major administrator.

     

Speaking to SMSF Adviser, AMP SMSF’s administration head of technical services Phil La Greca said while requirements for collectible assets around insurance, storage and valuations are already in place for collectibles acquired from July 2011, collectible assets acquired prior to this will also need to comply from July next year.

“I think [trustees] are putting it off; whenever there’s a deadline, people put it off to the last minute in the hope that the deadline gets changed or moved,” said Mr La Greca.

“There have always been issues; even now the rules have been in place since 2011, [but] you still see articles coming out saying they need to reverse the rules because they’re hurting the art industry.”

Mr La Greca said those holding grandfathered collectibles in their SMSF will need to “start seriously thinking over the next 18 months whether or not they can actually comply with the new rules”.

“From an adviser view point, if you have clients with collectibles in their SMSF, now is the time to start asking clients what they are going to do,” he said.

“[Advisers] need to reinforce the message that clients haven’t got long, that they need to find an insurer, somewhere to store it that complies with the rules and what it is going to cost.”

Mr La Greca said advisers need to make their clients aware that if the collectible asset isn’t generating any income, then the other assets in the SMSF will have to pay for the costs associated with keeping it in the SMSF.

“It’s all well and good to say, "Well the asset doubled in value in three years because it’s a $10,000 asset that doubles to $20,000" but if I spend $5,000 a year storing it and insuring it, then I haven’t made any money have I?” he said.

Written by Miranda Brownlee
Tuesday, 03 February 2015
http://www.smsfadviseronline.com.au

site By AcctWeb