Just going through my esuperfund meeting of the trustees template. Does anyone know if I HAVE to declare where the metals are stored and if they are insured or not? This is taken straight from the template: 5. Trustees confirm that the Physical Metals will be securely located at: Please confirm where the Physical Metals will be located and why this is an appropriate storage location for the Physical Metals. 6. Trustees confirm that the Physical Metals will / will not be insured. Please confirm if the Physical Metals is insured. If not please explain why.
I havent done one yet, am i supposed to do it for every transaction or something? for point 5, i would just say PM are located securely at a secure location. Appropriate because it is secure. Point 6. PM not insured due to point 5 - very secure and the deemed risk as determined by the trustees are too low to warrant insurance
well I just wrote that we planned to have a meeting about storage and insurance at a later date. I havent heard back from them about whether they need more details or are waiting for the details of the subsequent meeting or not.
Um Is there a list of what we have to do? I've done the checklist but no mention of mInutes or anything?
I was thinking of saying something like that. I'm not sure if they will find it acceptable or not however.
I did the checklist around 3 - 4 weeks ago now and they just now emailed me through regarding the meeting minutes.
I have not sent through any meeting minutes. But I did do my checklist 2 weeks ago, I'll wait for their request before sending them a copy. I do not intend to have minutes for every time we buy assets, the first minutes will document the strategy and will be ongoing until there is a change of strategy. Slam
And secure because you are not exposing its location! Might be worth doing a brief risk matrix to attach to the minute. It should only take 10-15 mins to list risks and mitigation strategies to reduce the risk to an acceptable level (as long as the storage location is not in a pile on your sideboard) and this would show due process in support of the trustee's decision process.
If you troll back thru the Super posts there is a list of the proposed changes like #5 and #6 and exact conformity details with time frames to achieve conformity depending upon wether purchases were made prior to amendment or after.I am not even sure wether these changes came into effect or not or wether they were just proposals. REDBACK
Just state that the PM's are located in a secure and undisclosed safe location, and will be provided for an audit, if required, to verify their existence. They should have no problems with that, as you can prove that you have them if required.
Make a note that insurance is a bet which by its very nature the insurance companies on a whole, win.
I have just filled in the paperwork for a SMSF through esuper a few days ago. When speaking to them on the phone I was under the impression that we could tell them whatever we wanted in the minutes and a simple tick of a box saying that we still had possession of the PM's was proof enough of holding. They said obviously if we were not telling the truth and the ATO audited us and we could not produce the PM's if we were asked then we would be in strife.
State that the PMs are stored securely at a venue known to the trustees and that keeping this information confidential is critical to their safe keeping. Furthermore, that the trustees are willing to allow an inventory inspection as long as 21 days written notice is given. Furthermore that no insurance is deemed nescessary due to the secure and confidential nature of the storage arrangements. I did this last year and there were no comebacks. Dont allow them to bully you - you are well within your rights here..
I just went to complete my SMSF meeting minutes and have noticed esuperfund has changed the default template. Possibly due to this thread or complaints?? Previous template: 5. Trustees confirm that the Physical Metals will be securely located at: Please confirm where the Physical Metals will be located and why this is an appropriate storage location for the Physical Metals. 6. Trustees confirm that the Physical Metals will / will not be insured. Please confirm if the Physical Metals is insured. If not please explain why. New template: 5. Trustees confirm that the Physical Metals will be securely held at all times. 6. Trustees confirm that the Physical Metals will / will not be insured. Please confirm if the Physical Metals is insured. If not please explain why. They dont want to know where the metals are stored anymore. Just if they are insured or not...
Hi, first post. In regards to insuring the bullion wouldnt a statement such as 'The precious metals are not insured as there is no requirement for insurance.' suffice.