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Self-managed super funds are given the freedom to manage their own investment portfolio so long as the assets are secured for the sole purpose of securing retirement benefits of its members.

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SMSFs are allowed to add collectables and personal-use assets in their portfolio, but the trust must strictly comply with existing and new rules of ownership.

What is a collectable investment?

Collectables and personal-use assets objects are items or assets of value to a collector with a current market value that is higher than its original value.

Popular examples of these assets are things like:

• Motor vehicles
  
  • Vintage cars
  • Boats
• Artworks
  
  • Paintings
  • Sculptures
• Jewellery
  
  • Antique jewellery
  • Diamonds
• Wine
  
  • Vintage wines and spirits
• Coins
  
  • Local or foreign currency vintage coins
  • Bank notes
• Rare items
  
  • Books
  • Stamps
  • Memorabilia

What are the rules for investing in collectables?

Items like the examples above may be added to an investment portfolio provided that the investment must be made for genuine retirement purposes.

The strategy should be allowed in the trust deed prior to purchasing the collectable assets and, if the strategy is updated to accommodate it, all trustees should be in agreement with the changes.

Furthermore, the assets must not be used or displayed – only stored – and they must not provide any present-day benefit to the trustees or any of their related parties.

ATO also enforced tighter regulation on these assets beginning 1 July 2016.

SMSF collectables new rules dictate further limitations with regard to insurance, storage, usage and disposal. These are:

1. Insurance: Collectables in SMSFs must be insured in the name of the fund within seven days of purchase. If you can’t acquire an SMSF collectables insurance, you must rectify the situation with the ATO and your fund’s auditor or the trust may risk being tagged as a non-complying fund.
   
   
2. Storage: The trust must decide where to store the collectable asset, and there should be documentation, such as a minutes of the meeting, to prove that everyone was in agreement about the storage location. The documentation must be kept for 10 years.
   
   In addition, SMSFs are allowed to store the collectable assets in a related party’s property but only if it is not their private residence. 
   
   
3. Usage: If the asset will be stored in a related party’s non-private residence (e.g. place of business), they remain disallowed from displaying the asset or showing it to other parties. Otherwise, it will be considered as being used for their present-day benefit.
   
   In the case of motor vehicles, trustees and related parties remain disallowed from using the asset even if it is for the sake of taking it out to be restored or maintained. Only non-related parties (e.g. employees at a restoration company) are allowed to use the asset and take it to the appropriate facility.
   
   The trust may only lease the asset to a non-related party on a commercial arm’s length basis.
   
   
4. Disposal: The SMSF may dispose of the collectable asset at any time and to a related or non-related party. However, collectables must be sold at the market price that is determined by an ATO-approved independent valuer.

What collectables are good investments?

Collectables may provide your portfolio with diversity and added stability, but there’s no single item that is recommended by experts because different items have different values.

Furthermore, while many collectables may be expected to appreciate over time, such as memorabilia and rare books, some are at the mercy of people’s sentiment, such as trending toys and the like.

Experts suggest that, if you really want to invest in collectables, it’s best to choose an asset that you have a genuine interest in to hold for the long term but don’t mind not being able to use.

Is gold a collectable for SMSF?

Gold may be considered as a collectable, but it depends on the form it takes.

If in the form of coins, then its value is influenced by the weight of the gold or other precious metals it contains, as well as the decorative art and volume of minted coins. Naturally, the fewer coins that are minted, the higher its price can appreciate.

If in the form of bullion or bullion coins, you’ll need documentation to prove its existence to the auditor who will then value them.

Bullion coins are only considered as collectable if their value exceeds their face value and their trade value is higher than the current market price of their metal content.

When it comes to gold as collectables, SMSFs need to be careful not to breach regulations.

Explore nestegg to know more about SMSF and investing.

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Self-managed super funds are given the freedom to manage their own investment portfolio so long as the assets are secured for the sole purpose of securing retirement benefits of its members.

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SMSF trustees hoping to use their self-managed fund to finance retirement plans such as running holiday accommodation are likely to run into compliance problems that make such plans largely impossible, according to a leading SMSF law firm.

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In a recent blog post, Townsends Business and Corporate Lawyers’ Elizabeth Wang said while it was possible for SMSF trustees to run a business through their fund, super laws largely prohibited the business being used as a lifestyle asset.

“SMSFs can run a business, but the rules around the operation are so strict that often it is not possible to comply with them, or compliance makes the trustee’s plans impossible to put into effect,” Ms Wang said.

She gave the example of Robert and Mary, who wanted to use their SMSF to buy a Hunter Valley property using an LRBA that they planned to run as a bed and breakfast.

“They want to run a B&B out of the property as a way of generating income for the SMSF as they plan to retire in the next 10 years,” Ms Wang explained.

“Before Robert and Mary jump the gun by putting down a deposit on the property, there are a couple of things they need to consider to ensure that the transaction complies with super laws.”

Ms Wang said the first thing to consider was the sole purpose test, which Robert and Mary could not pass unless they contracted a third party to run their B&B for them.

“They may have difficulty satisfying the sole purpose test if they intend to reside in the B&B in order to operate and manage the business. Their fund can’t provide them with accommodation in this way, even if it is associated with running the business from the property,” Ms Wang said.

“A further problem arises if they intend to take a wage as employees because an SMSF cannot directly or indirectly provide financial assistance or benefits to its members prior to their retirement, including use of or access to the assets of the SMSF, as this would most likely breach the sole purpose test.”

Secondly, Robert and Mary would need to have a sound investment strategy setting out why purchasing such a property made sense for their SMSF, she said.

“Robert and Mary would need to ensure that acquiring the property and running it as a B&B would be a prudent investment, especially as they are approaching retirement age, where stable income-generating assets and minimal risk of significant capital loss are important,” Ms Wang said.

Given they wanted to use an LRBA to purchase the property, Robert and Mary would also need to ensure their trust deed allowed borrowing and amend the terms of the deed if necessary, she added.

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SMSF trustees hoping to use their self-managed fund to finance retirement plans such as running holiday accommodation are likely to run into compliance problems that make such plans largely impossible, according to a leading SMSF law firm.

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The Australian Taxation Office has told Australians in bushfire-affected areas not to be concerned about their SMSF affairs at this time.

Write comment (0 Comments) " ["fulltext"]=> string(1276) "

“We appreciate you need time to focus on your family and community,” the ATO said, before indicating it would help these individuals sort out their obligations later.

If your SMSF’s business or postal address is in an identified bushfire-impacted postcode, the Tax Office said activity statements, annual return lodgments and associated payments have automatically been deferred – there’s no need to apply.

The same also applies for members or trustees in affected postcodes, even where the SMSF is not.

The ATO also urged SMSFs to be cautious of people who advise they can help with the release of, or access to, super at this time and follows a similar warning just last week.

There are strict rules around the use of such assets prior to retirement age. 

If someone offers to help you access your super and you’re not sure whether it’s legal, the ATO advised reaching out to it for assistance.

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The Australian Taxation Office has told Australians in bushfire-affected areas not to be concerned about their SMSF affairs at this time.

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There are three major errors being made by many Australians invested in the self-managed super fund space, according to an investment adviser.

Write comment (0 Comments) " ["fulltext"]=> string(4795) "

Speaking recently on an episode of the nestegg podcast, Stockspot founder and CEO Chris Brycki explained why simple investment solutions generally provide better results for SMSF investors. 

Mr Brycki said that for the average person, “as much as the financial industry likes to sell the idea of trying to beat the market and trying to pick stocks and time when markets are going to go up or down, the reality is that for most people, it’s not possible”.

Not only for amateurs, but for professionals as well.

The investment expert said this has been the case for “30 to 40 years at least now”.

In Mr Brycki’s opinion, people shouldn’t be focused on those market factors when it comes to investing.

Instead, he said “they should be focusing on actually reducing their unforced errors or their mistakes”.

Those errors include “not diversifying enough, paying too much in fees and making too many decisions”.

Relating these errors back to the SMSF space, Mr Brycki provided three key considerations that SMSF participants need to be aware of to prevent them from making similar mistakes.

Diversification

The expert began by stating that “SMSFs historically haven’t been very well diversified”.

Looking at the data, he said “what you can see is that self-managed super funds in Australia have a huge overweight position in Australian shares relative to global shares, and that’s really been a disadvantage to their returns and their diversification”.

In addition, Mr Brycki highlighted that “they also have a big overweight position in cash”.

While conceding cash “ultimately did help some SMSFs weather the storm of the financial crisis”, he considers cash as missing several of the characteristics that are very valuable within bonds.

“Most SMSFs don’t have any high-grade corporate bonds or government bonds, which can really act as a cushion when markets fall and a much better and more effective cushion than cash,” he said.

Costs

Mr Brycki also paid attention to the large amount of data supporting the notion that SMSFs pay too much in fees.

“By paying too much, it actually reduces net returns,” he commented.

His view, is that one of the reasons people are paying too much “is because they are overcomplicating things”.

“They’re under the false belief that by adding more complexity and more different types of investments into their portfolio, they’re going to achieve a better return or a better result.”

“The truth is: that’s not the case,” he said.

Mr Brycki countered the notion by stating that investors are probably going to be better off “by actually having fewer investments and making fewer decisions and reducing their costs”.

Decision making

Despite the overemphasis on decision making potentially leading to an increase in errors, Mr Brycki did highlight the importance of good decision making in an SMSF.

“One of the responsibilities of setting up an SMSF is being able to fight the temptations to make lots of different decisions,” he noted.

“I know as an investment manager, and I know from a lot of the friends that I have seen invest over the years, that the temptation to make lots of decisions and to chase hot things is very high when you’re managing your investments,” Mr Brycki continued.

“You really need the discipline not to do that.”

He recommends outsourcing such a responsibility “to someone that can help keep you honest and keep you on track with your own strategy”.

“Much like when you see a personal trainer – ultimately, all of those exercises you could do on your own,” he said.

“You could go to the gym, you could go for a run, but a personal trainer keeps you accountable and keeps you on track.”

Even for people that do set up in a self-managed super fund, Mr Brycki said he believes “there is some value in having that personal trainer there to keep your strategy on track, to stop you from making mistakes when markets have gone up or gone down and you’re tempted to change something”.

“Ultimately, that’s going to lead to better results at your retirement.”

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There are three major errors being made by many Australians invested in the self-managed super fund space, according to an investment adviser.

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SMSF auditors are expected to focus more clearly on specific details and evidence around a fund’s investment strategy in the coming year as the industry continues to feel the ripple effects from the ATO’s diversification letter campaign of 2019.

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Peter Burgess, SuperConcepts’ general manager of technical services and education, told nestegg sister title SMSF Adviser that SMSF trustees could expect a “more conservative approach” from their auditors this year, meaning it was likely that further evidence and documentation could be requested during their fund’s annual audit process.

“Trustees may be asked to provide further evidence of transactions, asset ownership and valuations of assets, particularly whether the fund has unlisted investments,” Mr Burgess said.

“Where the fund has a large exposure to a single asset or asset class, the trustees may be asked to provide further evidence via a trustee minute, addendum or revised investment strategy that they have properly considered the fund’s investment objective, the risks of making the investments, asset diversification and the liquidity and cash flow needs of the fund.”

SMSF auditor and Tactical Super director Deanne Firth said the ATO’s letter campaign to 17,000 trustees last year had shaken many in the industry out of their complacency when it came to constructing a detailed investment strategy.

“For years, trustees have used a set and forget approach to their investment strategies or had the [asset] ranges so broad that they didn’t need to update the strategy,” Ms Firth said.

“In fact, a lot of investment strategies date back to the fund establishment where they signed the strategy that came with the deed. Now the ATO has made it clear to trustees that they want to see evidence of consideration and, especially if the fund isn’t diversified, evidence that they understand the risks of their strategy.”

Ms Firth said she expects 2020 to be “the year of investment strategy updates”, with trustees taking the time to review their strategy and potentially further diversify their portfolio.

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SMSF auditors are expected to focus more clearly on specific details and evidence around a fund’s investment strategy in the coming year as the industry continues to feel the ripple effects from the ATO’s diversification letter campaign of 2019.

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Despite the Reserve Bank of Australia reducing the official cash rate twice during the September quarter and effectively penalising savers, SMSF members have only marginally reduced their cash balances, according to official figures.

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According to the ATO’s latest quarterly statistics, SMSF assets invested in cash and term deposits fell marginally from $155,118 million to $154,526 million between the June and September quarters.

The data also revealed that while cash has gone down marginally, SMSFs are investing more in property despite declines in property prices this year and new rules impacting LRBA holders.

As interest rates continue to fall for the private sector, it is having a minimal effect on the SMSF lending sector as credit providers fail to pass on savings to investors. 

In spite of this, assets invested in residential property jumped from $34,895 million in the June quarter to $35,024 million in the September quarter, while assets held in LRBAs increased from $42,913 million to $43,072 million between the June and September quarters.

Finally, the data showed SMSF investors are taking advantage of strong growth in Australian and overseas equities.

In the September quarter, SMSFs held $227,588 million in domestic listed shares, up from $224,371 million in June, while investment in foreign equities grew to $8,876 million in September up from $8,751 million in the June quarter.

On a broader note, the statistics revealed that over 5,700 new SMSFs had been established in the September quarter, taking the total number of SMSFs up to 598,582.

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Despite the Reserve Bank of Australia reducing the official cash rate twice during the September quarter and effectively penalising savers, SMSF members have only marginally reduced their cash balances, according to official figures.

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