BREAKING NEWS – The Cooper Superannuation Review

BREAKING NEWS – THE COOPER SUPERANNUATION REVIEW AND ITS POSSIBLE IMPLICATIONS FOR THE ARTS INDUSTRY

An interim report by the Cooper Review has recommended that:

1. The acquisition of collectables and personal use assets by Self Managed Superannuation Funds be prohibited; and
2. That the Self-Managed Superannuation Funds which own collectables and personal use assets would be required to dispose of those over a ten year period.

Collectables include artworks, exotic cars, stamp collections, race horses, and wine cellars. However, it is the area of arts that is of great concern to us.

It is our view that if the recommendations of the Cooper Review are adopted by the Government, it would have very serious consequences for artists, as it would decrease the pool of funds available for the purchase of art, which we conservatively estimate to be in the vicinity of $50-60 million per annum.

This would not only have an effect on artists but would flow through to their exhibiting galleries and affect all associated business activities, such as framers, art suppliers, carriers, writers, reviewers, etc.

It is our intention to bring these concerns to the notice of the Government and the Opposition as well as the public.

We anticipate that we will be preparing petitions which will require your participation, and we therefore request that you provide us with your email address to facilitate this procedure ASAP.

In the meantime, please visit our website – www.australianartistsassociation.org.au – which we will keep updated regularly in order to keep you in the picture.

Tom Lowenstein

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