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Tax Laws Amendment (2011 Measures No. 2) Bill 2011

Schedule 2 Self managed superannuation funds

   

Superannuation Industry (Supervision) Act 1993

1  After section 62

Insert:

62A   Self managed superannuation funds—investment in collectables and personal use assets

                   The regulations may prescribe rules in relation to the trustees of regulated superannuation funds that are self managed superannuation funds making, holding and realising investments involving:

                     (a)  artwork (within the meaning of the Income Tax Assessment Act 1997 ); or

                     (b)  jewellery; or

                     (c)  antiques; or

                     (d)  artefacts; or

                     (e)  coins or medallions; or

                      (f)  postage stamps or first day covers; or

                     (g)  rare folios, manuscripts or books; or

                     (h)  memorabilia; or

                      (i)  wine; or

                      (j)  cars; or

                     (k)  recreational boats; or

                      (l)  memberships of sporting or social clubs; or

                    (m)  assets of a particular kind, if assets of that kind are ordinarily used or kept mainly for personal use or enjoyment (not including land).

Note:          The regulations may prescribe penalties of not more than 10 penalty units for offences against the regulations. See paragraph 353(1)(d).

2  Paragraph 353(1)(d)

Omit “subject to subsection 376(6),”.

Note:       This item removes a cross-reference to a provision that has been repealed.

3  Application provision

(1)       The amendment made by item 1 of this Schedule applies to investments made before, on or after the commencement of this item.

(2)       To avoid doubt, regulations made for the purposes of section 62A of the Superannuation Industry (Supervision) Act 1993 , inserted by item 1 of this Schedule, may be expressed to apply to only some of those investments.