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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?
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.
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
•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
•wine or spirits
•motor vehicles and motorcycles
•memberships of sporting or social clubs.
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...
"There's no point in paying a mortgage on an asset that is going to fall by 40 per cent or so in the next few years". Steve Keen, 2008.
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Super is just a scam for younger generagtion. Probably be nationalised if the government runs into financial trouble
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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