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Questions and Answers
What must be done within 7 days of acquiring a collectible asset in an SMSF?
What must be done within 7 days of acquiring a collectible asset in an SMSF?
- Documented decision of asset storage
- Asset to be insured (correct)
- Asset not stored in a private residence of a related party
- Asset not used by a related party
What must be done if an asset is disposed of to a related party?
What must be done if an asset is disposed of to a related party?
- Documented decision of asset storage
- Asset to be insured
- Asset not stored in a private residence of a related party
- Asset must be sold at market price assessed by a qualified independent valuer (correct)
Which of the following is not an investment standard for collectibles in an SMSF?
Which of the following is not an investment standard for collectibles in an SMSF?
- Asset not leased to a related party
- Asset not stored in a private residence of a related party
- Asset to be insured within 7 days of acquisition in the SMSF’s name
- Asset must be used by a related party (correct)
