SMSF - Classic Car Purchase

[John Hanslow]

I understand that your Self managed Super Fund will soon will be avble to legitimately purchase a classic car.

Refer draft on on internet:

http://www.lawcouncil.asn.au/shadomx/apps/fms/fmsdownload.cfm?file_uuid=2B4BF51D-B7AB-8409-8445-E2ECEED39D3C&siteName=lca

I say SMSF as there are 'at arms length requirements' as it has to be stored at another location, has to be an investment (that's what a super fund is meant to do) and basically only driven minimally.

That said, the proposed changes are meant to make it easier for the individual to expand their investment horizons and purchase a vehicle say Giulia Spider Veloce with the idea that while not yours , you have a beneficial interes and at the same time (hopefully) purchase an asset that increases in value.

With those historic, classic (and some near new Alfas) in garages throughout Melbourne, perhaps now there is an opportunity to raise our passion to a higher level.

Link is a few years old:

http://www.theaustralian.com.au/business/wealth/collectables-that-break-the-smsf-rules/story-e6frgacf-1111117657294

http://www.aussielegal.com.au/forum/forum_posts~TID~2847.htm

[Ads]

Hi John,

Nice find!  Working in the super industry over the years I often wanted to go down the path of setting up a unitised fund that would allow people to invest in classic cars.

Think of the fun you could have...investment committee meetings would become far more interesting