Chief among the recommendations are:
- prohibiting investment in collectables and personal-use assets (such as artworks, stamp collections, wine collections, exotic cars, racehorses and yachts);
- making the ATO's penalty regime more flexible to enable more effective and equitable regulation; and
- reducing the potential to benefit illegally from related party transactions by prohibiting the acquisition of in-house assets and imposing restrictions on the way in which an SMSF can transact with related parties.
