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SMSF Updates

How to purchase a vintage or classic car in the SMSF?

10 Jul, 2019

Vintage vehicles are allowable assets by iCare Super.

Please make sure you follow the guidelines as below to avoid compliance issues for this investment in your SMSF:

– Store the vehicle at a storage facility that all members are unable to have present day benefit. Storing at unrelated party premises will ensure it is preserved and out of sight.

– Insurance must be purchased immediately and to be held in the SMSF trustee name

– Independent valuation is required every year for audit purposes

– The vintage car can be unregistered or have classic car/club registration

– Members and trustees can not drive or use the car owned by SMSF for any purposes

– The vintage or classic vehicles can not be purchased from SMSF members or related parties

– If minor work ($2-$5k) needs to be done, it can be paid from SMSF for the initial repairs after the purchase but invoice needs to be issued to the SMSF

– The SMSF can pay the transportation and any costs associated with the purchase. The invoice must be issued to the trustee of the SMSF

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