Send a message.
Support the campaign by emailing Jeremy Cooper: Superannuation Minister Chris Bowen; Arts Minister Peter Garrett; and Opposition Spokespeople Luke Hartsuyker and Steven Ciobo. Add a comment below, fill out your details, and send.
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.
TELL COOPER, HANDS OFF ART IN SUPER!
Comments |
I agree with Charles Nodrum’s comments, support the SAVE SUPER ART campaign AGAINST the Cooper Review. Kim Maple |
Excluding works of art as investments in SMSF is short sighted and shows lack of understanding and research on behalf of the Cooper Review. This is not just an attack on the art market or the investors, but on the artists themselves. Artists which continues to provide a rich and important cultural injection. Loosing further stability in the art market affects this already delicate situation for the arts community. SMSFs should have the right to invest in any asset of their choosing, especially if its helping to support the cultural strengthening of our country. Despite the proven stability of art works as solid monetary investment, the real investment is much greater. Please review this review, as clumping artworks under the banner of ‘collectables’ is insulting. Artworks are not race horses and certainly not golf club memberships.
Nathan Taylor |
We oppose the proposed changes to the SMSF as it would detrimentally affect the Art Industry which is currently in the doldrums due to the announced proposals.This affects the livelihood of many people and the introduction of this new proposal will result in numerous job losses in the industry. John Plaut and Angela Broadley |
I am firmly opposed to the proposed exclusion of works of art as acceptable/eligible acquisitions for SMSFs. Selected works of art can demonstrate sound capital growth over the years (in a way not possible for yachts and racehorses). At the very least such Funds should be allowed to keep works currently held, at least for the life of the main current beneficiary. Paintings are often bought with long term growth in mind and forcing SMSFs to sell over the next ten years could have two detrimental effects: First, large numbers of works will have to be sold; this risks lowering the market, and thus undermining the original financial purpose of the whole exercise.
Second, it is in effect retrospective. Whilst 10 years may seem a long time it still risks putting a steady stream on sale. The 45 year old who bought with the view of selling at 70 will be disadvantaged. Furthermore, with the Resale Royalty now in place, buying a work out of an SMSF will trigger the 5% payable when it is eventually sold, thus damaging the investment further still. Charles Nodrum |
I fully agree and support this release. The contention that art and other such investments are “speculative” is absolutely absurd given the recent performance of ‘accepted’ investment options. The share market, for example, is not a speculative investment! In 2008 BHP was $48; it is still only $38 (a 20% loss). Other listed companies have completely liquidated. Accordingly, the rationale for the recommendations of the ‘Review’ seems to be predicated on Cooper’s personal view of what constitutes a valid investment, not actual investment performance. Graeme G Wren |
Are you trying to destroy they Australian Art Market??? and for what benefit???? This has not been thought through properly, the ramifications to the art industry are huge. Not to mention the potential loss to those self funded retirees who long term may become pensioners (draining on the government). Think this one through more thoroughly it could COST A LOT!!!!!! Larissa Witschi |
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. Jane Raffan |
I think this review has been undertaken without proper consultation with the arts industry and it is typical of the way in which the Rudd government formulates policy. Marianne Carollo |
