SUPER ART SAVED?
Super art saved? - Art Collector
|2 August 2010 | The Save Super Art campaign received a win last Friday with the news that Labor party has ruled out Cooper recommendations to prevent self-managed super funds investing in art. |
According to a statement released by Peter Garrett and Chris Bowen of the Labor party: ''A re-elected Gillard Labor Government will ensure that from 1 July 2011 collectables and personal use assets owned by self managed superannuation funds must be stored according to new rules to prevent them from giving rise to a personal benefit.
SMSFs can continue to invest in personal use and collectable assets provided they are held according to these new legislative standards.''
The announcement prompted organisers of the Save Super Art campaign to call off a protest rally planned for 8 August 2010 in Melbourne.