New art-in-super rules ‘hurt sales’

5 April 2012 | Emily Morgan, WA Business News
The federal government introduced new rules in July last year around how self-managed super funds invest in art and the art sector is already feeling the effects on sales, according to industry insiders and stakeholders opposed to the changes. The regulations state SMSFs cannot derive a present-day benefit from art as an investment, they can only do so for future financial gain. Art has to be stored at premises independent of fund-related parties and must be insured accordingly, to make sure the sole purpose of the investment is to provide financial security in retirement.

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