SMSFs holding collectables and personal use assets are required to comply with the following:

• The item must not be leased to, or part of a lease arrangement with a related party (a related party includes a member of the fund); 
• If the item is transferred to a related party, it must be independently valued; 
• The item must not be stored in the private residence of a related party; 
• The item must not be used by a related party; 
• The decision on the storage of the item must be recorded and kept for at least 10 years after the decision has been made; 
• The item must be insured in the fund’s name.

These changes applied to all new collectables and personal use assets acquired on or after 1 July 2011. All collectables and personal use assets acquired prior to 1 July 2011 were required to be made complying by 1 July 2016 or were to be disposed of.

Collectables and personal use assets include (but are not limited to) the following:

• Artwork
• Jewellery
• Antiques
• Motor Vehicles
• Assets of a particular kind, if assets of that kind are ordinarily used or kept mainly for personal use or enjoyment (not including land).