Buying PM under SMSF - requirements to remain compliant with ATO

Discussion in 'Superannuation' started by Voe, Mar 15, 2012.

  1. boston

    boston Well-Known Member Silver Stacker

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    Whilst I may be mistaken, and I stand to be corrected, I think you will find that regulation 13.18AA is not law.
     
  2. unfunkable

    unfunkable Active Member

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    oh, and another thing. When you do the list that you submit showing what assets you hold, count everthing up and just put one line for silver...and 1 line for gold etc.

    don't go
    1x pm 10oz bar
    1x southercross 10oz bar
    20x 2009 1oz kooks
    etc etc

    keep it SIMPLE:
    40oz Silver
    It's all bullion.....trust me...keep it simple.
    My fund got compliant and I must have 10 different types of silver, bars/coins. But my holdings just state it has XXX oz silver..thats it. nice and simple.
     
  3. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    See the sticky on GST http://forums.silverstackers.com/to...-tax-gst-on-precious-metals-in-australia.html
     
  4. XB

    XB Active Member Silver Stacker

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    You are sorta correct ... It is a regulation made under the Act, so it has the force of the Act even though it's not IN the Act.... it's made pursuant to the Law with the force of the law. But it's not a Law, it's a Regulation. :lol:
     
  5. boston

    boston Well-Known Member Silver Stacker

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    If it is not law, then it could be argued, that there is no legal compulsion for the SMSF to comply with the ATO's advisory regulation.
     
  6. asdfghjkl32

    asdfghjkl32 Member

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    Guys.... Sit back and relax....

    Buying bullion has no GST. Hence I don't think it's not a collectible item. ATO only worry if you pay CGT when selling your bullion at higher the price.

    The fund is responsible to its beneficiaries, in this case, it's you and maybe your partner, too. As long as you don't use your superfund for current personal benefit, ATO wouldn't care too much.

    Your auditor/accountant wont even bother to see your bullion collection each year, why ATO bother how you store? ATO has too many staff?
     

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