SMSF proof requirements when selling precious metals

Discussion in 'Superannuation' started by silversuper, Nov 6, 2020.

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  1. silversuper

    silversuper New Member

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    Hi all,
    I need to sell off my precious metals and I'm not sure how to go about it.
    Do I just sell the bullion and write my own receipt. to the purchaser or do I need a receipt from the purchaser?
    Thanks in advance.
     
  2. Cracka

    Cracka Member Silver Stacker

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    You are the seller so the receipt - if required at all - is an issue for the Purchaser and what they need.

    You need to keep records, you are selling an asset of the fund and collecting cash, both assets. I keep a record on the day of spot, so if ever questioned by my auditor I can say I sold the asset (bullion) at above spot (and in this market you should be) so that's about it.

    Price you sell may have tax implications (capital gain/loss ) - but that is a different issue.

    If it's not bullion, then you have GST implications than again that is another matter.
     
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  3. mmm....shiney!

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

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    Create your own invoice.

    If you’re not registered for GST then it’s not an issue.
     
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  4. silversuper

    silversuper New Member

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    Thanks for the advice folks. Much appreciated.
    Stay tuned for some great stuff up for grabs in the near future including the bullets in my photo.
     
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