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