ideas for super investment

Discussion in 'Superannuation' started by hazy, Jun 9, 2011.

  1. hazy

    hazy Active Member

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    Hi stackers, especially SMSF experts

    Like a lot of us I am planning on investing some percent of my super in hard shiny assets. So I am looking around at the moment for suitable things to buy.
    Guess I missed out on the Dragons. My SMSF check cleared just a couple of days too late!

    Anyways one thing that concerns me about having physical is liquidity, especially with the auditing and that. Given that dealers spread is going to gouge the profits, it might be best to sell privately.

    Say you had 10 Dragons as part of your fund stack. What would you need to do to legally sell them to a stacker and conform to the rules for SMSF audit?

    Holding long-term is all very well but at some point you might want to sell out / trade into gold or whatever. That is one big plus for the PM depository program methinks, but is it simpler than I thought, if you have invoiced the buyer and bank deposit amounts tally up or something like that.

    Any advice from those experienced in these things?
     
    hazy, Jun 9, 2011
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  2. rbaggio

    rbaggio Active Member Silver Stacker

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    At the end of the day, you need to satisfy the auditor of your SMSF that all assets or proceeds from sale of assets are accounted for.

    If you sell an asset, your SMSF auditor will want to see:
    * A receipt for sale of the asset, showing what it sold for, and who it was sold to
    * That the buyer was at an arms length from the SMSF
    * What happened to the proceeds to the same - did they go back into SMSF bank a/c?

    I am not a financial advisor.
     
    rbaggio, Jun 9, 2011
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  3. Yippe-Ki-Ya

    Yippe-Ki-Ya New Member

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    Selling privately would be perfectly legit for the SMSF, but just make sure first that the person buying it from your fund wants to be on the ATO radar ...
    Many will not want to be identified for obvious reasons ...
     
    Yippe-Ki-Ya, Jun 9, 2011
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  4. hazy

    hazy Active Member

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    nuther question. what about buying off ebay? Is that alowed in a SMSF? I am guessing it would be okay along with other auctions, you could turn up and be registered buyer as trustee of your superfund... again as long as the seller agrees to be on the radar etc.

    but I do not want to guess, given the harsh penalties for non-compliance.

    just sometimes I spot things on ebay or auctions coming up and I am like, man, I cant afford that or I dont want it but my fund can afford it and kinda wants it, yknow?
     
    hazy, Jun 10, 2011
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