Junk Silver and SMSF's

Discussion in 'Superannuation' started by charlief1, Nov 10, 2012.

  1. charlief1

    charlief1 New Member

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    Hi All,
    I know the ATO has some "rules" around coins and SMSF's.
    Has anyone gotten any junk silver in their SMSF?
    Im thinking if I buy 1kilo of junk silver in the form of coins I can just declare it as such. Im not planning on selling it. In fact if im using (selling/spending) these coins, the government has bigger problems than auditing me, like even existing.


    Thoughts? A few discussions on this drop off without answers - one thread someone spoke to the ATO and tried to get a ruling but that was for Perth mint coins and never posted back his/her result.

    Thanks
     
    charlief1, Nov 10, 2012
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  2. charlief1

    charlief1 New Member

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    charlief1, Nov 10, 2012
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  3. thatguy

    thatguy Active Member

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    GST implications?? I think this is maybe something that would complicate things more then I would like for my SMSF? Just a guess
     
    thatguy, Nov 10, 2012
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  4. charlief1

    charlief1 New Member

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    Good point but I think im ok with this. My goals are liquidity. As far as I can tell (and just about all my reading has been this forum), junk silver/round fifties are the best in terms of that. They are recognisable. I could buy food when the world collapses.
    If silver keeps soaring, well they seem to be valued at no less than spot so I might just be able to hold onto my super money without the robbery on savings (AKA inflation) eating my meager fund...
     
    charlief1, Nov 10, 2012
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  5. goldpelican

    goldpelican Administrator Staff Member

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    Wouldn't really consider SMSF the place to hold silver for "spending" purposes.
     
    goldpelican, Nov 10, 2012
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  6. charlief1

    charlief1 New Member

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    Didnt exactly say I was. But I would like-
    Silver in my smsf.
    The only silver in my eyes is the stuff you can touch.
    Added bonus if it can be used to buy food etc when the zombie apocalypse occurs so a recognisable form of currency is why im after "junk" and not collectibles in any form in an attempt to get around ATO rulings.

    As my original post states I am after junk because I feel it fits these three. Also Silver fifties. These are sold on silver content alone, therefore I am wondering if they will pass the non collectible rule re the ATO - I mean im buying them by the kilo its not like I even know whats in the bag (almost). If I buy at spot and just at spot and never sell them (if I did it would be at spot) I think I pass this test - I would only declare them by their actual silver weight - eg 1kilo ASW.
     
    charlief1, Nov 10, 2012
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