The rule book on investing in cars, wine or diamonds
Because they’re classified as collectable or personal use assets, strict rules apply to their acquisition, storage, insurance and use if held by an SMSF.
Fred runs a diamond retail and wholesale business, specialising in pink diamonds. Having expertise in this field, Fred wishes to invest in diamonds via his SMSF.
He proposes to acquire the diamonds from his business and sell them back to it to be made into jewellery.
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Colin Lewis is head of strategic advice at Fitzpatricks Private Wealth.
