Hi gents, I have a logistical issue regarding PM's in a SMSF. I am living in a remote area and considering setting up a SMSF. Although I havnn't got alot of "value" in my current super funds, I am interested in getting what I do have into physical PMs to set a good foundation with current prices and global econic issues etc, before diversifying when shares trend up again. My understanding though is you need to have any metals stored in a secure location ie vault, deposit box, home safe etc. Now for me, I am in a rental situation so home storage is out of the question. I go through Brisbane a couple of times a year, and probably will for the foreseeable future to see family. Trouble is, I don't want to get generic name bullion - I would want recognisable and reputable bars like perth mint, which means I would have to either take delivery in Brisbane (no friends of family I would trust to do so), or have delivered to place of residence and carry on the plane everytime I go through Brisbane (which I'm not real keen on). What are your thoughts on this? Initial setup would be the hardest - after that, trickling in bullion would be possible on visits to town. What are the auditing requirements for physical? Do auditers need to view it in person? Or is it a balance sheet sort of thing? Cheers
PMDP, or PerthMint Depository Program. IMHO this is the next best thing to physical... but is not as good as.
Auditors dont need to view the physical. There is a very small chance that the ATO may want proof that you have the metals you say you have, but you're entitled to request at least 30 days written notice prior to an inspection to enable you to retrieve the metals from wherever you store them. You dont need to provide proof of where you store them either - that's up to you to keep confidential - from all including the ATO. Just be sure you do store them securely though since if they went missing you'd have a lot of trouble with the ATO ...
As do a number of major dealers, but Ainslie would be the handiest for you. You could also purchase physical and store it at The Reserve Vault in Brisbane, just be aware if it's a large quantity of silver - that stuff takes up heaps of space, guess it's because it's so cheap. Gold on the other is so bloody expensive that even a large amount of money would buy bars that could easily fit in your pocket or shoes. The other option is to buy some physical here in Australia, store it yourself and buy some OS and get them to store it.
