Transition period for collectables and personal use assets expires 1 July 2016 | Accurium

Technical article
From 1 July 2011 collectables and personal use assets became subject to stricter rules regarding use, leasing, storage, insurance and valuation. At 1 July 2016 the transition period for compliance with the new regulations expires. Collectable and personal use assets are often rare and valuable. Difficult decisions need to be made regarding whether to retain or sell pre-1 July 2011 assets and having these conversations now will give trustees time to make the necessary arrangements by 1 July 2016.

Disclaimer

This information is provided by Accurium Pty Limited ABN 13 009 492 219 (Accurium). It is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions.