Need help investing buying physical gold with super

Discussion in 'Superannuation' started by stacknowlaughlater, Mar 4, 2021.

  1. stacknowlaughlater

    stacknowlaughlater Member

    Joined:
    Jan 4, 2015
    Messages:
    212
    Likes Received:
    22
    Trophy Points:
    18
    Location:
    Sydney
    Hi All,

    I’ve been into the precious metal market for a while now and I’ve decided I want to convert some of my super into physical gold and use it as part of my retirement plan.

    I know the process isn’t as easy as walking into a bullion dealer and buying physical gold with my super but I feel like the process is way to complex.

    things that I do know:
    - I need to store my bullion in a vault.
    - My bullion will be audited.
    - serial numbered bars are the best to buy for this auditing process.


    Things I don’t know:
    - how to actually convert money from my super fund into physical gold (this one is pretty important).
    - which SMSF allows physical gold and has the lowest rates.
    - which bullion dealer is the best to purchase physical gold from for super.
    -how the auditing fees work and which is the cheapest around.
    - if there is anything else involved.

    practically what I need assistance with is help start to finish from converting some money from my super to physical gold to the yearly auditing process.

    for now I’m not looking to convert much into physical gold looking for just 10 ounces worth.

    many info would be great.

    thanks
     
  2. mmm....shiney!

    mmm....shiney! Moderator Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    21,644
    Likes Received:
    4,422
    Trophy Points:
    113
    Location:
    昆士蘭
    Open an account with any of the bullion dealers that offer storage solutions rather than you organising storage yourself. You'll need to do the usual KYC stuff with them as well as supply them with a copy of your Trust Deed (not the whole lot, they'll let you know which parts) as well as the bank account details of your SMSF.

    Don't listen to anyone that insists "if you don't hold it you don't own it" - they live in the 1800's and since Bex has been in short supply their brains are fkd. I would even recommend allocated/unallocated to keep costs down.

    Once everything has been approved hop on line and spend your hard earned in the hope that gold will make you comfortably retired. There is no conversion, it's just like buying sex toys or printer cartridges on line.

    Any of the major bullion dealers will do, I've had relationships with Goldstackers, Ainslie and City Gold Bullion. The first two offer SMSF custodial solutions, not sure about CGB but there are others out there. These companies will also be able to help you with auditing your SMSF either by supplying an actual audit of your bullion for a few hundred $$$, or even putting you in touch with accounting firms that they deal with. Annual auditing fees for a simple SMSF fund would probably be in the $1500 range give or take. If you've got other assets you may be looking at $2500 - $3000, as well as compliance fees from the ATO etc.

    eSuperfund also has a bullion service but they are retarded mental cases who don't respond to emails.

    Do you actually have an SMSF?
     
    Jislizard, wrcmad and ozcopper like this.
  3. ozcopper

    ozcopper Well-Known Member Silver Stacker

    Joined:
    Jul 17, 2009
    Messages:
    17,595
    Likes Received:
    3,927
    Trophy Points:
    113
    Location:
    Australia
    I miss Bex, tasted good :)
     
    sammysilver and mmm....shiney! like this.
  4. wrcmad

    wrcmad Well-Known Member Silver Stacker

    Joined:
    Jan 2, 2012
    Messages:
    6,817
    Likes Received:
    1,477
    Trophy Points:
    113
    Location:
    Northern NSW
    ^^^ This 100%.
    But I'm too young to have ever had Bex. :p

    Agree.
    PMGOLD.ASX is the easiest.
    PM Depository is 2nd easiest.
    Both are redeemable for physical at any time.
     
    slavaja and mmm....shiney! like this.
  5. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

    Joined:
    Dec 31, 2014
    Messages:
    1,543
    Likes Received:
    1,521
    Trophy Points:
    113
    Location:
    Melbourne, Australia
    - If you're getting physical it's good to have a trusted bullion dealer close to your vault.
    - Audits are as easy as getting stat dec, which you can do yourself, and they're free.
    - Don't need serial number bars.
    - If you have a SMSF and you're the trustee, you simply do the deal with your bullion dealer, then transfer the funds and arrange for the pick up.

    Also, nothing is 100% certain. I've had a situation when PM Depository wasn't answering their phones for a day. We've also recently had Guardian Vaults in Melbourne close their doors during a lockdown, and customers had to make a booking weeks ahead to access their vaults.
     
    STKR, Jislizard and 66rounds like this.
  6. mmm....shiney!

    mmm....shiney! Moderator Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    21,644
    Likes Received:
    4,422
    Trophy Points:
    113
    Location:
    昆士蘭
    That depends on your auditor GE, some are extremely anal. They're the types that have to hang a pair of socks using two pegs of the same colour.
     
  7. Jislizard

    Jislizard Well-Known Member Silver Stacker

    Joined:
    Apr 7, 2011
    Messages:
    7,843
    Likes Received:
    631
    Trophy Points:
    113
    Location:
    Australia
    I am with esuperfund and hold unallocated metals with Goldstackers.

    Goldstackers store and insure my stack free of charge and provide me with a free inventory which I can give to my auditors.

    When I buy sell or do a GSR swap, it is all done by phone and email with Goldstackers.

    All I need is a minuted meeting to say that I have considered the issues and I am happy with the risk of storing my precious metals with the dealer and that I am happy to use their insurance rather than get my own.

    Buying unallocateed metals is as easy as buying it online and paying with my SMSF bank account. Keep a record of each transaction so that at the end of the year everything is easy to find for the audit and it saves you going back over past emails.
     
  8. Ag bullet

    Ag bullet Well-Known Member

    Joined:
    Dec 27, 2013
    Messages:
    1,399
    Likes Received:
    1,292
    Trophy Points:
    113
    Location:
    SE QLD
    Did you get $20k out of super during covid and buy physical?
    None of that auditing nonsense involved. ;)
     
  9. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

    Joined:
    Jan 8, 2016
    Messages:
    4,292
    Likes Received:
    1,149
    Trophy Points:
    113
    Location:
    North Sydney
    ATO has stated they will use 20/21 tax returns to match income, if the person income wasn't effected than ATO will just tax the $20,000 as income at your marginal tax rate
     
    66rounds and wrcmad like this.
  10. wrcmad

    wrcmad Well-Known Member Silver Stacker

    Joined:
    Jan 2, 2012
    Messages:
    6,817
    Likes Received:
    1,477
    Trophy Points:
    113
    Location:
    Northern NSW
    PM Depository now has an online platform for trading, so no phone calls necessary anymore.
     
  11. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

    Joined:
    Dec 31, 2014
    Messages:
    1,543
    Likes Received:
    1,521
    Trophy Points:
    113
    Location:
    Melbourne, Australia
    Correct, but if you point out that a stat dec is recognised by all Australian courts they'll usually realise that they are not above the courts.
     
    66rounds and mmm....shiney! like this.
  12. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

    Joined:
    Dec 31, 2014
    Messages:
    1,543
    Likes Received:
    1,521
    Trophy Points:
    113
    Location:
    Melbourne, Australia
    I believe the online platform has higher % trading fees. Also, if you have an account with over $50K there are no fees for unallocated with a phone account.
     
  13. mmm....shiney!

    mmm....shiney! Moderator Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    21,644
    Likes Received:
    4,422
    Trophy Points:
    113
    Location:
    昆士蘭
    Yeh, I just tell them they’re not getting what they’re after for various reasons and they lodge the return with some caveat covering their arse.
     
    66rounds and GoldenEye like this.

Share This Page