By , on 30-Jul-2010

The Labour Party announced today that it would not ban the purchase of artworks, antiques and collectables by Self Managed Superannuation Funds (SMSFs), as proposed by the Cooper Report into the Superannuation industry.

Michael Fox, the Campaign Co-ordinator for Save Super Art, who lead the campaign said that all three major political parties in Australia have now reached a consensus position to rule out the Cooper Report proposals to ban artworks from SMSFs, and force divesture of those already held.

The Greens, and Liberal Party through Senator Ciobo, Shadow Minister for the Arts, had previously announced they would not support this aspect of the Cooper Report.

"The Australian art market can return to a state of certainty for the first time since these recommendations were made public on April 29. The audit guidelines drawn up by the Australian Artists Association in conjunction with SMSF Professionals' Association of Australia Limited (SPAA) have been accepted and we look forward to further development of these guidelines with whoever holds office following the Federal election of 21 August." Michael Fox said.

The Labour Party announced that if, if re-elected, it will impose conditions on SMSFs investing and holding  collectables and personal use assets - they must be stored according to new rules to prevent them from giving rise to a personal benefit, and must be held for the purpose of providing retirement benefits. Existing artworks, antiques,  collectables and personal use assets held by SMSFs that cannot meet these rules must be sold within five years.

If re-elected, the Gillard Labor Government will consult with industry and community groups on the details of legislation to implement these new standards.

Save Super Art launched on June 16, 2010, and in association with Lowensteins Arts Management, the Australian Artists Association,  SPAA, and individual artists, galleries and other art professionals mounted an extensive campaign against this aspect of the Cooper Report with rallies and meetings, and using Twitter, Facebook and the Internet to successfully lobby the three political parties.