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.
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?
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
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.
