Did You Purchase Personal Assets Through Your SMSF?
They may not be insured under your standard home and contents policy from the 1st of July 2016.
There are major changes regarding the laws around SMSFs that mean personal use assets must be insured separately by 1/7/2016 including personal use assets acquired prior to 1 July 2011.
The following assets owned by an SMSF are subject to this requirement:
- Artwork – including paintings, sculptures, drawings and engravings
- Coins, Medallions or Bank Notes
- Postage Stamps or First-Day Covers
- Rare Folios, Manuscripts or Books
- Wine or Spirits
- Motor Vehicles and Motorcyles
- Recreational Boats
The changes to the laws around SMSFs mean that any of the above assets cannot be covered under a home and contents policy, group policy, master policy or business policy. These items must be insured separately and in the name of the SMSF, prior to the 1st of July 2016.
It’s important to act now to avoid penalties for non-compliance.
We have knowledge in this area and will be happy to advise you on how to best cover your assets. We have connections with specialist Underwriting Agencies that deal with all of the above categories to ensure we can source the most appropriate cover for you.
Contact us for more information.
Conditions apply for each policy and the information expected from you for a policy to trigger. Coverage may differ based on specific clauses in individual policies. Please ask your broker to explain the additional benefits and exclusions pertaining to your policy.
The information provided is general advice only and does not take account of your personal circumstances or needs. Please refer to our financial services guide which contains details of our services and how we are remunerated.