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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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ATO teams with insurance policies to identify artworks and collectibles

Posted on Apr 12, 2016 by CFL Financial

The ATO has begun working with insurance companies to assess artworks and collectibles owned by taxpayers and identify the owners of these kinds of assets.

There have been many instances where the tax office has identified ‘lifestyle assets’ that were not being properly accounted for. Since some assets may be subject to capital gains tax (CGT) on disposal, it is fundamental taxpayers are aware of properly accounting for their assets to avoid being hit with a CGT bill.

The ATO has advised taxpayers to be aware that:
– items purchased for more than $500 on or after September 20, 1985 are subject to CGT, even if they are kept for the personal use or enjoyment
– special CGT rules apply to items that form part of a deceased estate
– the date of an asset’s purchase or auction needs to be accounted for; not the asset’s settlement date

With changes looming for Australia’s SMSF landscape, it is of particular importance taxpayers understand how to account for any assets or collectibles their SMSF holds. The way collectible investment assets are dealt with when owned by an SMSF will be required to adhere to a new set of rules.

From July 1, 2016, the rules regarding any collectible and/or artwork owned by an SMSF include:


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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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