Vintage/veteran/muscle cars are considered collectibles and personal use assets.
It’s important to know that when it comes to your SMSF, collectibles and personal use assets can’t be:
The ATO’s interpretation of these rules is very strict. Storage of a car is not permitted to be at the residence of a member of the SMSF or used or even maintained by them or a related party.
Related parties are:
Disclaimer: The information contained in this document is provided for educational purposes only, is general in nature and is prepared without taking into account particular objective, financial circumstances, legal and tax issues and needs. The information provided in this article is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to your individual circumstances. While SMSF Association believes that the information provided in this article is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001.