Insuring SMSF Bullion

Discussion in 'Superannuation' started by Wout, Aug 29, 2011.

  1. Wout

    Wout New Member

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    My Dad is set on believing that he must insure his bullion because an accountant said so (we keep it at an undisclosed location though not in a safety deposit box) but ive read here that you dont need to.

    Can anyone clarify for me and how I can explain it to him that he doesn't need to?

    Thanks
     
    Wout, Aug 29, 2011
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  2. unfunkable

    unfunkable Active Member

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    should ask the accountant to show you or your dad the relevant ruling stating bullion needs to be insured. AFAIK its been suggested, but not made law yet.

    other things may need insurance though ( off the top of my head, expensive art work)
     
    unfunkable, Aug 29, 2011
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  3. boston

    boston Well-Known Member Silver Stacker

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    +1 When/if it happens, then consider the insurance option route.
     
    boston, Aug 29, 2011
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  4. rbaggio

    rbaggio Active Member Silver Stacker

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    Generally speaking, this would be worrying.

    Someone with a SMSF containing bullion would now have the location of said bullion entered in an insurance company database(s).

    Inside job, anyone?
     
    rbaggio, Aug 29, 2011
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