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Many investors now consider fine art as part of their Superannuation Fund assets, so the purchase of investment quality art needs great consideration and advice.
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Director Beverly Knight can provide direction when considering investing in art, such as what artist or works would satisfy investment potential in the future. Alcaston has nearly 25 years of market fluctuation experience to assist in planning the gains of such purchases in line with Superannuation Fund criteria.
There have been strict guildines set by the ATO as requirements for the consideration of art as an asset, and it is crucial a SMSF Trustee discuss with their accountant or financial advisor the viability of art as an asset in a Super Fund
A few basic points when considering purchasing art for your DIY Super Fund once you have consulted your accountant:
The artwork must be seen as an investment.
The Trustees must show diligence when purchasing.
Must be an arms length transaction.
Must be from a reputable fine art dealer.
Must fit into the Super Fund’s investment strategy.
Must be noted on your insurance policy as separate items.
Whilst there is no set percentage of dollar assets, a conservative 10% of total fund asset is a guideline.
Most accountants advise to update valuations of assets each year. This service Alcaston Gallery can provide on request at a fee paid by the SMSF.
For discussion on Superannuation Fund investment art or future planning of art purchases please contact Beverly Knight at Alcaston Gallery.
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