If the Federal Government adopts the Cooper Review recommendations to ban art and collectibles from self-managed superannuation funds, many leading auction houses believe it will sound the death knell of the Australian art industry.
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The Federal Government’s Cooper Review of Superannuation has called for a ban on art investment in Self Management Super Funds (SMFS). The Cooper Review also wants SMSFs to divest all art investments within 10 years. These recommendations are extremely damaging to the Australian art industry. |
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2 Comments
1 Tahnee Roberts wrote:
Dear Mr Cooper, Government Ministers and Opposition Spokespeople
I support the SAVE SUPER ART campaign against the Cooper Review recommendations banning art investments in Self Managed Super Funds. The recommendations are fundamentally flawed, serve no good purpose, are already creating damaging uncertainty in the Australian art market, and, if implemented, would create disastrous “unintended consequences” for the Australian art industry.
2 Dominic Alafaci wrote:
The Keating government recognised that Art generally increases in value over time and specifically made all Art purchased for more than $500, subject to Capital Gains Tax
Some 26 years later the Cooper Review recommends that Art be banned from being purchased by Superannuation Funds because amongst other things it is “not really an investment”.
Given most Art would have appreciated in value over the past 26 years it seems that Keating was right and Cooper is wrong
If the government did adopt these recommendations it would however need to exempt all Art from Capital Gains Tax legislation as you cant have your cake and eat it too!