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 4 of, 2015 archive
spacer
FBT – Christmas Parties and Taxi Fares
spacer
Merry Christmas for 2015 and Happy New Year.
spacer
Common errors in claiming deductions for super contributions
spacer
Employee Christmas Parties and Gifts – Any FBT?
spacer
Collectables Require Action Now
spacer
Why the ATO’s new powers make SMSF compliance more important than ever
spacer
Self Managed Superannuation Funds – Is it for Retirement?
spacer
ATO warns against misusing partnerships
spacer
The Scammers Shame
spacer
ATO offers SMSF 'unwinding' for aggressive tax arrangements
spacer
Salary and Wages PAYG Shortfall
spacer
SuperStream
spacer
Australian Taxation Office (ATO) Telephone Scammers – BEWARE!
spacer
Navigating the BDBN minefield
spacer
SMSFs warned on emerging LRBA issue
spacer
Short Access to Term Deposits
spacer
Retirees taking super in lump sum is a ‘myth'
Collectables Require Action Now

SMSFs holding collectables need to ensure they are compliant under the incoming regulations applicable from 1 July 2016.

       

The deadline does not leave much time for planning due to the nature of those assets.

The following assets are taken to be collectables and personal use assets – artwork, jewellery, antiques, artefacts, coins, medallions or bank notes, postage stamps or first day covers, rare folios, manuscripts or books, memorabilia, wine or spirits, motor vehicles, recreational boats, memberships of sporting clubs.

Assets acquired before 1 July 2011 had until 1 July 2016 to comply with the new criteria.

If there is a flood of these items on the market in the period closer to the deadline, what will happen to market value?

Anyone still with a problem should be taking action sooner, rather than later.

A non-complying SMSF can be a costly problem.

 

Written by a Melbourne based accounting firm

site By AcctWeb