Buying gold from private seller.

Discussion in 'Superannuation' started by DrNibbles, Oct 17, 2011.

  1. DrNibbles

    DrNibbles New Member

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    Hi.. new here :)

    So I have a SMSF and have not been doing to much with it until i found you guys and spoke to my accountant about PM. So i have bought some gold form various companies and tat has all worked well. Now.. is it legal to buy gold from a private person who has bullions to sell with certs and everything. He's an Oz seller and a friend of a friend that invests in PM (arms length)

    Would it be ok for my fund to buy from him? Would he just write a receipt for my super fund and that's it?

    regards
    J
     
    DrNibbles, Oct 17, 2011
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  2. Yippe-Ki-Ya

    Yippe-Ki-Ya New Member

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    It would be 100% okay for your fund to purchase from him, as long as it's all done "above board", which simply means that any and all details of the seller must be identifiable to the ATO, so that they can collect "capital gains tax" off of him
     
    Yippe-Ki-Ya, Oct 17, 2011
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  3. DrNibbles

    DrNibbles New Member

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    Thanks for your reply. I might even call the ATO just to verify once and for all and come back here and let you know :)
     
    DrNibbles, Oct 17, 2011
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