I note that in previous years one had to upload a "minutes" for bullion purchases made for that particular financial year. For this latest financial year (2012/2013) I noticed that ESuper is asking for a minutes for every single bullion purchase made in that year! So if you did one purchase per month for instance then that would be twelve bullion purchases requiring twelve separate minutes!! This is so lame! Is this just another new requirement which the government has sprung upon SMSF trustees in order to dissuade us from buying physical bullion?!? I feel like drawing up ONE minutes applicable for the entire year and just uploading that one twelve times ... :lol: The absolute stupidity is breathtaking
It's called a paper trail and will protect you from the tax nazis in the future. Just cut and paste the same minute.
lol - decided to run with the one set of minutes - applicable to the entire year. if my investment strategy was going to change then i'd have set up a new meeting and make minutes thereof.
I fail to see how a separate minute would be required for each and every purchase (or sale?). I certainly do not have a separate minute for every share transaction nor would I prepare one. Capt - have you sent off a "please explain" to ESuper? Be interested to hear their response even though my SMSF does not purchase bullion.
Are you sure it's not one minute for 12 purchases for the financial year? Seems a little tarded even for the ATO but being gold and silver investments it wouldn't surprise me.
I've always done one minute document per purchase - but from memory it might be one minute document per purchase decision - anyway, you are filling these out throughout the year as you go and not just making up paperwork at the end, right?
If you can't handle the administrative burden of generating a few extra near-identical minutes, you should seriously reconsider if operating an SMSF is right for you.
I'm not using ESuper, had no Minute described as all investments/bullion purchases are made as per the investment stragegy, and the Auditor had no problems. Of course we have Minutes eg to confirm no changes to the Investment Strategy and the required Minute to consider whether insurance would be taken out on the members. All these administrative rules within ESuper. No thanks.
As long as it is clearly stated in your investment strategy you will be fine....well, I accept it in our audits....not a new requirement just a different interpretation
