The Self-Managed Super Fund Professionals' Association has shown support for the Australian government's draft legislation which allows SMSFs to continue to invest in collectible and personal use assets, such as stamps and artwork, the group said in a media release.

Under the draft bill, the government will be allowed to amend and create guidelines over the use of such assets as investments under SMSFs. Originally, the Cooper Review noted that artworks and other collectors' items are for personal enjoyment and are banned from super funds which are categorised for the sole purpose of retirement benefits. The new draft bill said that these may be used as investments, provided that there are clear guidelines on how SMSFs hold these assets.

"We welcome the transitional arrangements proposed that give SMSF investors five years until July 2016 to dispose of existing artwork or collectibles in their SMSF portfolios, if they are unable to comply with the new rules," Sharyn Long, SPAA chairman, said.

The final list of guidelines will be released shortly.