tumblr visit counter
Free SMSF Setup

Platinum/gold/silver bullion

The trustees can buy bullion in two forms in their SMSFs: bars or coins.

The good news is that a bar or coin is not a personal use asset, so personal use asset rules do not apply.

However, in house asset rules (IHA) will apply if the Minted Bar is stored at a place of residence of the member, trustee, or employer sponsor.

Like all the other SMSF assets, the trustees need to protect the asset, and hold separately from all personal assets – this includes storage, insurance from loss or theft.

The trustees may wish to consider using the ABC Bullion sister company Custodian Vault to store and insure, and receive an annual statement of holdings and independent audit report received by ABC. This will make the compliance work for holding bullion much easier because the bullion is taken care of by a professional service provider.

Otherwise, the trustees need to maintain a register of holding, photographs, and location of storage (again separate from all personal holdings – eg. they can’t have the SMSF share a safety deposit box with personal holdings or documents) and insurance details.

From time to time – they should undertake a stocktake/valuation by an independent valuer.

It is very import that the trustees can provide the evidence of storage and market valuation requested by the auditor every year. If you would like to buy bullion, please contact us and we will advise you the steps to be taken to avoid any compliance issues for your SMSF in the future.

 

Enquiry Now

Enquiry Now