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#1 2016-06-30 20:39:03

Agnostic
Silver Stacker
Registered: 2013-06-13
Posts: 385
Trades :   24 

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

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?

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#2 2016-06-30 21:38:20

BuggedOut
Member
From: New South Wales
Registered: 2015-07-21
Posts: 1,776
Trades :   37 

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

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.

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#3 2016-06-30 22:28:05

Agnostic
Silver Stacker
Registered: 2013-06-13
Posts: 385
Trades :   24 

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

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.

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#4 2016-06-30 22:32:15

Agnostic
Silver Stacker
Registered: 2013-06-13
Posts: 385
Trades :   24 

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

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#5 2016-06-30 22:34:01

House
Moderator/ Legend
From: Stack City
Registered: 2012-04-30
Posts: 9,635
Trades :   232 

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

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...


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#6 2016-06-30 22:44:12

billybob888
Silver Stacker
From: Australia
Registered: 2014-01-08
Posts: 1,514
Trades :   154 

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

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

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#7 2016-07-01 09:11:15

smk762
Silver Stacker
From: Westralia
Registered: 2014-09-04
Posts: 1,398
Trades :   15 

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

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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