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The Tax Office has recently released three Interpretive Decisions relating to the situation where a Self Managed Super Fund acquires artwork.
The ATO position is that the SMSF is able to acquire artwork (subject to certain requirements) but that this artwork can only be displayed in the house of the member if rent is being paid to the super fund. The ATO's view is that the artwork is to be treated as an "in house asset" and be subject to the various legislative provisions relating to these types of assets.
The Trustees of funds which own artwork need to be aware of the ATO position and ensure their compliance with the various requirements.
Should you require any assistance with this issue, please contact our office.
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