The advice Ive written here has been pre approved by my accountant whom is liable. My intentions are to relay my factual experience of how to store PM in a private vault if you want to do it legally. My accountant whom is liable, has given me the green light to proceed with storing PM in a private vault, he has been in contact with the auditor who will carry out my annual audit, he has approved it. The vault owner, bullion dealer, my accountant and myself are all Tax Provision compliant. Due to the serious penalties involved with breaking SMSF tax laws,ie- jail time or loss of up to half your super. I hope you would do your due diligence, contact some private vault providers, bullion dealers, a reputable SMSF savy accountant and the ATO before you do this, if your serious.
What exactly is your accountant liable for? AFAIK you are liable as a Trustee. Either way I belive you have over complicated something that is actually quiet simple. 1. Buy metals from a reputable dealer 2. Keep Receipts / Papertrail 3. Store Safely
Hi, I decided to do it as well, I got about 40K in mine at the moment. I not sure about other funds, but last year mine earned 2K profits AND CHARGED ME 2K!! sorry for shouting. Not happy Jan. So I gained only what I put in last year. Well done banksters! Like others, my inept fund LOST money in the Geelong Football Club (GFC). So anyway. 700 per year and I get to lost my own money? Priceless. Thanks to others on this forum for making me look into it! I thought about it awhile ago but figured it was too expensive for my small account. I wonder how many others are getting fleeced like me though (about 7.5%). Also my girlfriend had a tiny amount in her old one and got sent a bill (wtf?) because the fees beat her gains. These guys are financial geniuses.
At arms length would be your best guide for SMSF compliance.Any search will give you great information. REDBACK
Hazy go for it you will never look back.Just shop around for set up fees and auditing fees you can save yourself a fortune. REDBACK
