esuper auditor: "I am unable to verify or confirm market value of the bullion asset"

Pendragon

Pendragon

Well-Known Member
Silver Stacker
I have valued bullion gold with the spot price on the 30th of June of every year. Last year the esuper auditor claimed he could not verify market value. Has any body come across an SMSF auditor who does not know how to value bullion and is there any other way of valuing bullion other than with reference to spot price?
 
I am with eSuperfund and I have also put in a value for silver based on spot price so thanks for tge heads up, I haven't submitted yet so I will see how I go.
 
When I had physical in the super fund I just printed out a copy of ainslie bullion’s daily silver and gold prices at the end of each financial year that used to keep the accountant and auditors satisfied (SMSF)
 
mmm....shiney! said:
Try getting a quote to offer to buy your bullion from one of the site sponsors.

Good luck, once eSuper have made their minds up about something they’re stubborn pigs to deal with.
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A quote for bullion? It would have to be a quote on the 30th of June otherwise it would be pointless. Surely these auditors have an understanding of how the precious metals bullion market work !

What problem did you have with esuper?
 
Pendragon said:
A quote for bullion? It would have to be a quote on the 30th of June otherwise it would be pointless. Surely these auditors have an understanding of how the precious metals bullion market work !

What problem did you have with esuper?
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They can back date it to June 30. It’s just a quote.

Inconsistent auditing/application of their T&Cs from one year to the next and no avenue to discuss the matter with them.
 
They told me that quoting the spot price at June 30 is only for one ounce ! Haha

Yes and multiply the amount of ounces that the fund has...you have the market value ?

I give them these clear calculations but they still aren't satisfied.

They want independent third parties involved, even if the law states that you don't have to.

We are paying them to do this for us, but they are ones not following the laws ?
 
bron.suchecki said:
Re valuation that is why we have this page https://www.abcbullion.com.au/products-pricing/eofy-price-history

If that is not enough for the auditor to accept I don't know what would be.
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I hope that works because that is what I submitted this year. The EOFY prices https://www.abcbullion.com.au/media/pdf/30June2019EOFYPrices.pdf has it in Kilos as well as ounces. eSuperfund wanted to know the unit price and how many units I had and then worked out the total from that info.
 
bron.suchecki said:
That link has our prices per product so no need for auditor to strain their brain working out fine ounces. As those prices are from a dealer independent of you and represent market prices that should be enough
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I think because my fund has taken possession of metal, the auditor cant confirm i actually still have it.

So the auditor is asking for a qualified valuer to value the metal , and or a holding report from a vault to prove possession and market value.

So are they saying there is no option for the smsf to store bullion itself ?

Has anyone else had this happen ?

Interesting to see how the ATO will respond to the Auditors opinions.
 
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So they will no longer take our word, and demand it to be stored in a independent vault ?

If not bullion will be treated like collectables and need to jump through all those requirements ?

I think its strange these laws can so easily be interpreted differently from Auditor to Auditor , year to year.
 
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silverlining333 said:
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So are they saying there is no option for the smsf to store bullion itself ?

...
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The last time I checked you were able to store the bullion yourself.

You had to minute the decision not to store it with a dealer or in a vault. You had to minute your decision whether or not to insure it. And I think there was something about not storing it alongside your own person stash of metal, but that may have just been a suggestion for auditing purposes.

In the end we decided to just have it unallocated with Goldstackers and they can insure it and store it in their vault.
 
Haha, we've got trouble with our auditors now, fkn Indians. As @silverlining333 said above, it's a PITA that different auditors interpret the legislation differently AND INCORRECTLY.

I told my accountants to get another auditor or we're leaving. They said that that is not going to happen so I guess they're either going to capitulate or we'll be moving on.
 
mmm....shiney! said:
fkn Indians
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A1YTTlzdZyL._SX425_.jpg
 
^ yep that's him! Grumpy anal bastard. Or is that a smirk?

That painting was done just after a SMSF trustee gave him a list of their gold bullion holdings without a third-party market appraisal.
 
silverlining333 said:
I think because my fund has taken possession of metal, the auditor cant confirm i actually still have it.
So the auditor is asking for a qualified valuer to value the metal , and or a holding report from a vault to prove possession and market value.
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If you store it with eSuperfunds "preferred" bullion dealer Bullion Capital (they set up a metals account with them by default when you open your SMSF) there should be no questions.
 
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