Hi All, I am going through my checklist for the SMSF end of financial year submission / paperwork. Does anyone know the ATO Asset Code for Gold and Silver Bullion? Thanks, Slam
I have a PMDS account so I just used the codes from the Perth Mint statement (I think they were U1 and U2). Not sure what the codes would be if you bought physical though. Sorry
BUMPO! Need to do my audit.. where should i find the asset code if i buy silver/gold coins? Got some plat coins / bars as well.. HEEELLLPPP
Did some homework through these forums, someone had pasted across an email from ESuperfund asking the question. Basically, for physical metal the asset code is just a short description - not an actual "code" as such. So I labelled the "asset code" for mine as Gold or Silver.
Yeah, I just put "Silver Bullion". Anyone know the approx value of the 10oz Southern Cross silver bar at 30 June? I'm guessing it would be safe to just add a percentage to spot.
bullion silver is worth spot even 1oz lunars....all worth spot....they are not collectors items (maybe they will be in 20 years when i retire though ) i just use spot as the value i can not stress this enough...DO NOT MAKE IT HARDER THEN IT NEEDS TO BE I have several different types of silver in my smsf...bars, coins of this and that i treat them all as generic silver...so i have 2 lines in my summary one for silver and one for gold
I concur completely, there is absolutely no need to assign any other value. I was thinking that before I posted, but it's always good to get confirmation. Cheers.
I list the spot price too as of 30th June 2012. I did the same last year. Anyone have those prices for this year also attaching a price list for proof? Thanks, Slam
Sorry if this has been covered before, I'm still a bit unsure with how the data is to be inputted into the esuper checklist system.. Say I have some silver bars in 100gm size, some coins in 1oz size, some in 1kg size, how do i put this into one line? Or do you break it down into different sizes? And when they ask for "upload documentation evidencing the Asset Value of Other Assets held by your SMSF at 30 June", what kind of file do you send them? @_@ my first audit, surely this will get easier next year
I just finished the checklist for my superfund for the first time - admittedly I'm at a bit of an advantage but I found it to be a pretty good system. We'll see how the financials look when they come back. @ Lunarowl - I would more than likely use one line. Call it silver bullion and measure it in ounces (add up all of your bullion and convert to troy ounces). All of the bullion would be measured at spot. I got a printout from the mint on the 29th June but you could just as easily copy and paste the goldprice.org chart into a word document and print that out - should be good enough I would think.
My 1st go at the esuper checklist too. I have a PMDS account at Perth Mint who sent an invoice of my account holdings along with the spot prices on June 30, 2012. I basically did as the response to Adrian's letter states except I feel that all bullion, cast or coin, is only worth spot price. At least for tax purposes. Cheers, Eddie
Sorry if this has been covered in another thread but what spot is everyone using for gold and silver bullion in their checklists for this year for esuperfund, might as well all use the same one Edit: I did a search but didn't actually look in the Superanuation forum, in my defence I only ever use the "New Posts" button, forgot there were subforums
