Ok was in bullion dealer today and was informed you cant have face value coins in your SMSF only bullion? comments?
Yes that is correct and if you purchase nuministic coins you are also slugged with GST. Only bullion and bullion coins are exempt from GST. Recent S.I.S. changes pushed by the Cooper review classify nuministic coins as collectables and like paintings, sculptures, rare books and manuscripts, race horses, antique automobiles etc etc if you have them you can continue to hold them with an eventual exit date of 5? years. If you don't have them you cannot start. Your business can continue to lease them if an existing lease is in place but that will end and you cannot store any of the above in your home or other related parties property. This was pushed through by the lobbying of the big retail and industry funds who continue to spin the line that SMSF's are tax cheats. Only the big end of town should be able to pi$$ your super away:lol: Kind Regards non recourse
If you have a corporate trustee, you might want to look at getting some advice from an accountant about claiming any GST back and/or passing it on to whoever you eventually sell the item to.
No, don't believe that is correct - when last I discussed this issue with esuper the purchase of numismatics, jewellery and artwork was still considered legitimate investments (contrary to the Cooper recommendations), as far as I know they are still allowed, you just had to make sure that by July 1 such forms of investment are stored away from your home. Now, face value coins such as maples, kooks, ASE's etc are not numismatic investments as they are considered bullion - for a variety of reasons already discussed at great lengths in other posts.
Don't see how it's a bullion dealer's job to police whether they are selling you something that is allowed in super - that's the trustee's responsibility to ensure that they are compliant. They need to tread carefully as it could be construed as giving financial advice.
Agreed. My SMSF has lunars in it and its been fine. I think if you are buying a 1930 penny it might be a little different but 999 fine I dont see an issue.
Did said dealer refuse to sell you certain items? Or said that you shouldn't or couldn't buy them and you purchased bars? Edit: The alarm bells are ringing on the bullshit detector http://ministers.treasury.gov.au/Di...011/022.htm&pageID=003&min=brs&Year=&DocType= Also found out ARPA regulated funds were to be exempt from the proposed banning of investing in collectible items..... bloody scum bags
the dealer wasnt advising or hindering me the employee simply remarked you can't buy $face value coins for a SMSF, I said what about bullion coins she said yeah that too. I take it with a grain of salt though as it may be second hand information from another colleague, this is why I wanted to discuss it with real world people.
Was she perhaps suggesting that you can't use the face value of a (bullion) coin as the asset value you assign to it in your SMSF's accounts? As in "You can't buy a 1oz Kookaburra and say it's only worth $1".
Your both confused a nuministic coin is not a maple leaf, Krugerand or a kook. They are bullion coins. In order to be classified as a bullion coin they need to be 99.69% gold bullion. When classed as bullion they do not attract GST. I know what I'm talking about I have gold bullion bars and coins in my SMSF. I do not have nuministic coins as although they may have a face value of say $10 or whatever the gold content is more and more importantly their collectability means you pay a premium that is taxable. Only Bullion and bullion coins are GST free. Trust me Kind Regards non recourse
No nonrecourse, I'm not confused. The OT was whether you can have face value coins in your SMSF. You can have any face value coins in your SMSF if you consider it to be a valid form of investment. Now, whether it's a 1926 elevenpence or a 1966 50c piece, or even a million 10c pieces tucked under the bed- they are valid forms of investment regardless of whether they attract GST or not. Your investment in coins with a face value do not have to be bullion coins - the original question was not related to GST, but rather that only bullion without face value (bars and generic rounds) is the only form of legitimate investment.
Rare books are also an investment but like nuministic coins they are a collectable. The SIS regulations have come down against collectables. Perhaps the difference is that they are legal tender, i.e. money Kind Regards non recourse
So what is the case for gold $200 Koalas? If I read right they are not a bullion coin because they are only 91.7% gold but because they have a face value they are exempt from GST? So are they regarded as collectable or bullion? Im new to SMSF and stacking in general so any help is much appreciated thanks
