An Exposure Draft has been released in relation to how self-managed super funds will be able to acquire, hold and realise investments in artworks and other collectables after 30 June. Should this exposure draft become law new rules will apply to new artwork investments by super funds from 1 July – less than 6 weeks hence. Existing artworks and those artworks acquired before 30 June will not have to comply with these new rules until 30 June 2016, but will be subject to the existing restrictions.
For the rest of this article by Michael Fox, coordinator of 2010’s Save Super Art campaign, go to Australian Art Sales Digest.
Sally Patten also outlines the dire future for investments in artwork as a result of these reforms, citing views by SSA coordinator Tom Lowenstein, in The Australian Financial Review.
To have your say, submissions can still be made to Treasury by June 14:
Manager
Benefits and Regulation Unit
Personal and Retirement Income Division
The Treasury
Langton Crescent
Parkes ACT 2600
Or by email to StrongerSuperSMSFs@treasury.gov.au
