In relation to the original question: $200 gold coins are legitimate forms of investment in a SMSF. Yes they should attract GST when purchased, if I was selling as part of a SMSF I would include GST in the price and have it clearly itemised in an invoice. It's fairly simple really, don't mean to be patronising , but GST has nothing to do with the essence of the thread begun by hiho - it was to do with whether coins which have a face value are allowed in a SMSF. And $200 koalas are not bullion coins.
999 fine and its bullion (no GST) anything less and its going to be GST. And some coins even though they are 999 fine do attract the GST if they are considered not bullion but numismatic eg. RAM's Silver Kangaroos (999 fine but you cop 10% GST).
A quote from the ATO's print friendly guide Is my fund's investment in bullion coin considered to be a collectable and therefore required to comply with the restrictions contained in regulation 13.18AA? 'Coins are collectables if their value exceeds their face value. Therefore, if bullion coins have a value that exceeds their face value and they are traded at a price above the spot price of their metal content, they will be a collectable and your SMSF must comply with regulation 13.18AA in relation to the investment.' http://www.ato.gov.au/superfunds/PrintFriendly.aspx?ms=superfunds&doc=/content/00301181.htm
I'm wondering if this would mean more along the lines that if they are traded based on spot price. Obviously true collectables aren't going to follow the spot price where as a bullion coin does and is traded based on that price. Going to make some inquiries and will see what I come up with.
Contacted the ATO in relation to this. The bloke who I was talking to looked it up and basically read what I recently posted. He then said that based on what it says that yes if it sells for more than spot it is collectable (coins not bars). He fully understood that nothing sells for less or the same as its material content alone, with manufacturing, mark up and so on. What he advised was to request an individual ruling in relation to bullion coins. If you type the numbers 72441 into the ATO search bar there is a form you can fill out. I have just filled it out on for an individual ruling as I cannot get an insurer to insure the coins in a bank vault. I might have to do another to see if it is possible to get an individual ruling on Perth Mint bullion coins not being collectables as long as their value is determined by the spot price.
The people on the phone at the ATO will always say that it's best to get a private ruling. This is their standard default when it's a little tricky and they don't know the answer. Interesting to see what comes out of this though.
coins? what coins? all my round things are 1 oz bullion selling for more than spot? nope i'm selling at spot...but postage and handling is gonna be abit...
