Sale of Collectibles

Discussion in 'Superannuation' started by Goldhamster, May 25, 2016.

  1. Goldhamster

    Goldhamster New Member

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    Hi everyone,

    I have to sell some of my "collectibles " in my SMSF and want to sell them to myself.
    If I took today's market selling price off bullion dealers lists,kept their price sheets as proof of fair value having been paid ,could I buy them off my fund?
    Would my SMSF have to raise an invoice ? Would the trustee have to sign and issue a receipt ?

    I do not personally have a company.

    Thanks for your help

    T.
     
  2. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    You are maybe making a big mistake. The SMSF silver was bought at 15% tax money. You will be buying it off yourself at probably at a minimum of 32.5% tax money. Why not just leave it in your fund and by the equivalent piece elsewhere?
     
  3. Goldhamster

    Goldhamster New Member

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    I don't want to leave the coins in the fund because compliance cost would be too high.Paying the market rate for them would also mean I can buy a similar amount of ounces in bars for the fund.
    Could you please elaborate on the tax issue ? I am keen to learn.
    Cheers
     
  4. Golden ChipMunk

    Golden ChipMunk Active Member

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  5. Golden ChipMunk

    Golden ChipMunk Active Member

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  6. Goldhamster

    Goldhamster New Member

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    Can I do a swap with my SMSF ?
    1 oz coin for a 1 oz bar ?

    Thomas
     
  7. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    I think you will fail related party rule.

    Questions this specific you should ask your SMSFs manager.
     
  8. hyphenated

    hyphenated Active Member

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    It's got to be an arms-length transaction. You might get away with demonstrating value on the open market, but straight swaps might look a little too ingenuous (especially low premium for high). I suspect that you are inviting an audit if you get casual.

    You may be able to minute that conformance costs necessitate a sale of certain PM types, in which case you have to sell anything else in the category. +1 on talking to the SMSF manager.
     

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