esuper auditor: "I am unable to verify or confirm market value of the bullion asset"

Discussion in 'Superannuation' started by Pendragon, Sep 14, 2019.

  1. Pendragon

    Pendragon Active Member

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    I have valued bullion gold with the spot price on the 30th of June of every year. Last year the esuper auditor claimed he could not verify market value. Has any body come across an SMSF auditor who does not know how to value bullion and is there any other way of valuing bullion other than with reference to spot price?
     
  2. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Try getting a quote to offer to buy your bullion from one of the site sponsors.

    Good luck, once eSuper have made their minds up about something they’re stubborn pigs to deal with.
     
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  3. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    I am with eSuperfund and I have also put in a value for silver based on spot price so thanks for tge heads up, I haven't submitted yet so I will see how I go.
     
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  4. dollars

    dollars Member Silver Stacker

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    When I had physical in the super fund I just printed out a copy of ainslie bullion’s daily silver and gold prices at the end of each financial year that used to keep the accountant and auditors satisfied (SMSF)
     
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  5. Pendragon

    Pendragon Active Member

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    A quote for bullion? It would have to be a quote on the 30th of June otherwise it would be pointless. Surely these auditors have an understanding of how the precious metals bullion market work !

    What problem did you have with esuper?
     
  6. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    They can back date it to June 30. It’s just a quote.

    Inconsistent auditing/application of their T&Cs from one year to the next and no avenue to discuss the matter with them.
     
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  7. bron.suchecki

    bron.suchecki Well-Known Member

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  8. silverlining333

    silverlining333 Member Silver Stacker

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    They told me that quoting the spot price at June 30 is only for one ounce ! Haha

    Yes and multiply the amount of ounces that the fund has...you have the market value ?

    I give them these clear calculations but they still aren't satisfied.

    They want independent third parties involved, even if the law states that you don't have to.

    We are paying them to do this for us, but they are ones not following the laws ?
     
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  9. bron.suchecki

    bron.suchecki Well-Known Member

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    That link has our prices per product so no need for auditor to strain their brain working out fine ounces. As those prices are from a dealer independent of you and represent market prices that should be enough
     
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  10. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    I hope that works because that is what I submitted this year. The EOFY prices https://www.abcbullion.com.au/media/pdf/30June2019EOFYPrices.pdf has it in Kilos as well as ounces. eSuperfund wanted to know the unit price and how many units I had and then worked out the total from that info.
     
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  11. silverlining333

    silverlining333 Member Silver Stacker

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    I think because my fund has taken possession of metal, the auditor cant confirm i actually still have it.

    So the auditor is asking for a qualified valuer to value the metal , and or a holding report from a vault to prove possession and market value.

    So are they saying there is no option for the smsf to store bullion itself ?

    Has anyone else had this happen ?

    Interesting to see how the ATO will respond to the Auditors opinions.
     
    Last edited: Sep 20, 2019
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  12. silverlining333

    silverlining333 Member Silver Stacker

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    So they will no longer take our word, and demand it to be stored in a independent vault ?

    If not bullion will be treated like collectables and need to jump through all those requirements ?

    I think its strange these laws can so easily be interpreted differently from Auditor to Auditor , year to year.
     
    Last edited: Sep 20, 2019
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  13. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    The last time I checked you were able to store the bullion yourself.

    You had to minute the decision not to store it with a dealer or in a vault. You had to minute your decision whether or not to insure it. And I think there was something about not storing it alongside your own person stash of metal, but that may have just been a suggestion for auditing purposes.

    In the end we decided to just have it unallocated with Goldstackers and they can insure it and store it in their vault.
     
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  14. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Haha, we've got trouble with our auditors now, fkn Indians. As @silverlining333 said above, it's a PITA that different auditors interpret the legislation differently AND INCORRECTLY.

    I told my accountants to get another auditor or we're leaving. They said that that is not going to happen so I guess they're either going to capitulate or we'll be moving on.
     
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  15. willrocks

    willrocks Well-Known Member Silver Stacker

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    [​IMG]
     
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  16. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    ^ yep that's him! Grumpy anal bastard. Or is that a smirk?

    That painting was done just after a SMSF trustee gave him a list of their gold bullion holdings without a third-party market appraisal.
     
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  17. SilverDJ

    SilverDJ Well-Known Member

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    If you store it with eSuperfunds "preferred" bullion dealer Bullion Capital (they set up a metals account with them by default when you open your SMSF) there should be no questions.
     

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