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The ATO has again reiterated that “time is running out” ahead of the approaching deadline for collectables and personal use assets, warning penalties will apply for those who are not compliant.
From 1 July 2011, investments in collectables and personal use assets have been subject to strict rules under regulation 13.18AA of the SISR. Investments held before 1 July 2011 have until 1 July 2016 to comply with the rules.
Read the full story at SMSF Adviser.