Collectable and personal use assets

7 February 2023

Specific documentation is required for collectable items that are held as assets of the super fund. These items must be held as investments for retirement benefits and not for present-day benefits. 

Collectables and personal use assets are: 

• artwork – including:   

  • paintings 

  • sculptures 

  • drawings 

  • engravings 

  • photographs   

• jewellery 

• antiques 

• artefacts 

• coins, medallions or bank notes   

  • coins and banknotes are collectables if their value exceeds their face value 

  • bullion coins are collectables if their value exceeds their face value and they are traded at a price above the spot price of their metal content   

• postage stamps or first-day covers 

• rare folios, manuscripts or books 

• memorabilia 

• wine or spirits 

• motor vehicles and motorcycles 

• recreational boats 

• memberships of sporting or social clubs. 
  
  

Please note these items cannot be leased to a related party or used by a related party and they are not permitted to be stored or displayed in a private residence of a related party (this includes all part of the residence and other buildings on the land, such as garages/sheds). For example, if your SMSF owns a vintage car, related parties cannot drive it for any reason – not even for maintenance purposes or to have restoration work done – because this constitutes use of the asset. 

Along with this, an asset cannot be stored at premises owned by a related party, which is not their private residence. So, this same vintage car also cannot be displayed in the business premises of a related party as this would be viewed as obtaining a present-day benefit. 

SMSF assets must meet the sole purpose test, and a written record kept of where the items are stored (e.g. minutes of meeting of trustees).  These assets must be insured in the fund’s name within 7 days of being acquired and the fund must be the owner and beneficiary of the policy. It would not be sufficient to include these assets as part of the members/trustee’s home and contents insurance policy. 

Any leasing of collectables and personal use assets to an unrelated party must be on arm's length terms, e.g., your SMSF can lease artwork to an art gallery provided the gallery is not owned by a related party and the lease is on arm's length terms. 

These assets can be sold to a related party provided the sale is at market price as determined by a qualified, independent valuer, or by someone considered to have specific knowledge, experience and judgment in their particular professional community.   

Holding assets in your SMSF is a great idea if you’re documentation is up to date, and you know what is and isn’t allowed when managing your assets. If you are unsure of what is required for your collectable items in order to meet the conditions under the SIS Act rules our team are here to assist you.  

By Maria Olivotto
Partner

Unison ABN 31 315 285 606 © Findex 2026

Some of the Unison SMSF Audit personnel involved in providing services may be members of a professional scheme approved under Professional Standards Legislation such that their occupational liability is limited under that Legislation. To the extent that applies, the following disclaimer applies to them. If you have any questions about the applicability of Professional Standards Legislation to Unison SMSF Audit’s personnel involved in providing services please speak to your Unison SMSF Audit adviser.

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