Self Managed Super Fund Liquidation

Discussion in 'Australia & New Zealand (Public)' started by SilverSanchez, Sep 26, 2020.

  1. SilverSanchez

    SilverSanchez Active Member

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    Hello everyone,

    I haven't been on these forums for a long time. I hope you are all well both old and new friends.
    Hopefully my profile reflects that I was a regular poster and buyer/seller on the old site - but have not engaged much on the new site.

    I was managing my parents SMSF and we were invested in physical metal primarily gold and silver.
    Both my parents have retired and we are in the market to liquidate our metals which are held in a vault in Melbourne.

    AS it is a SMSF we need buyers who have an ABN to satisfy my accountant and auditor.

    We have multiple 1oz Gold to sell (cast bars various minters like ABC, Perth Mint)
    We also have Silver to sell (Primarily 1kg Pamp cast bars, we have 1x 5kg bar (ABC I think) and about 10x 10 ounce Pethmint silver Koalas I think 2010)
    We also have one platinum minted bar but I cant remember the weight (its smallish).

    So I'm looking to negotiate a sale with interested buyer/s
    Ill be investigating other avenues for a sale outside this forum, but as this forum helped me so much I wanted to include ppl here as I consider you all fellow contrarians.

    Private message me and we can chat.
     
    Erin, Markco2, Argentumiser and 8 others like this.
  2. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    For anyone interested @SilverSanchez is a long-standing and highly regarded member.
     
    wrcmad, Argentumiser, hiho and 5 others like this.
  3. SilverSanchez

    SilverSanchez Active Member

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    Oh - Thanx mate - Coming back here brings back great memories of the last time Gold was around 2000 usd :)
     
    Argentumiser and mmm....shiney! like this.
  4. GreatSouthernTime

    GreatSouthernTime Active Member Silver Stacker

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    You could probably sell the lot to Bullion Now in Melbourne.

    I’m based in melbourne and happy to buy if volume and price works out.
     
    Ivykoin and 66rounds like this.
  5. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I've been recently told by my CPA that my SMSF can sell directly to myself or anyone, as long as it sold for the going rate, and there was no mention of needing an ABN. Sometimes I think these people just make up rules as they go along.
     
  6. Pendragon

    Pendragon Active Member

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    I have bought and sold bullion from/for SMSF to parties without ABN without any issues with any one. The key is the price - too far away from spot and you might raise eye browse with ATO which is what matters. One auditor with E-super does not know what is spot - so if you have one of these ignorant auditors then good luck trying to please them.
     
  7. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I expect that getting a copy of the Perth Mint's price on the day for the same bar should be enough. Although I've noticed that my accountant just uses the Perth Mint's unallocated value, which are based on "the London Fix". My CPA then uses this figure for all my PMs including physical.
     
  8. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    I think seller wants the sales as black and white when comes to ato... you basically don't want these ato questions to come when it comes to audit time.. remember that ato is like a child with no knowledge and they always ask this and that... with ABN holders, seller is easier to provide etc etc to ato... if they can bring Perth bullion down, SMSF is child's play to ato....
    I'd say if seller prefers abn atm, then we just need to agree on his terms..

    Good luck with sales, pretty sure it's a sell-out
     
  9. Ag bullet

    Ag bullet Well-Known Member

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    You mean being dicked around by postage.
     

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