National Assessing & Quoting

SMSF Classic Car Valuations

Getting a Car Valuated for Your SMSF

Are you looking to manage your super fund and buy a classic car with the money? Under the Self Managed Super Fund rules, you are allowed to do this. However, there are some strict rules that must be followed.

SMSF Classic Car Valuations

One of the rules of buying a classic car with your SMSF is that the car needs to be valuated each year. The reason for this is to be able to accurately report on the value of the fund. Classic cars can significantly change value within the space of 12 months, so getting them valued regularly is crucial for an SMSF.

This being the case, it is important to ensure you are getting someone who knows what they are doing to valuate your fund’s classic car. Not every car valuator will have the knowledge required to correctly valuate classic cars.

Combine that with the fact that the classic car market is quickly changing every year and values of many cars are getting higher and higher, it is important to find someone who specialises in the classic car market.

We at National Assessing and Quoting specialise in classic car valuations for Self Managed Super Funds. Being experts in car valuations, we have the market knowledge to be able to correctly valuate your classic or collectible car for your SMSF.

A couple of other rules you need to be aware of if you are buying a car with your SMSF:

  • The car cannot be stored or displayed in the private residence of any related party of the SMSF (although it can be stored in business premises (not displayed).
  • The trustees of the SMSF must record in writing the reasons for the decision on where they will store the car, and keep that record for 10 years.
  • The car cannot be leased to any related party of the SMSF
  • The car needs to be insured in the name of the fund within 7 days of purchase.
  • The car cannot be used or driven by any related party of the SMSF.
  • If the car is transferred or sold from the fund to a related party, it must be done at a market price determined by an independent valuer.

If you are looking to buy a car with your SMSF, speak to us today to ensure you get a correct valuation!