Self Managed Super Fund Liquidation

SilverSanchez

SilverSanchez

Active Member
Hello everyone,

I haven't been on these forums for a long time. I hope you are all well both old and new friends.
Hopefully my profile reflects that I was a regular poster and buyer/seller on the old site - but have not engaged much on the new site.

I was managing my parents SMSF and we were invested in physical metal primarily gold and silver.
Both my parents have retired and we are in the market to liquidate our metals which are held in a vault in Melbourne.

AS it is a SMSF we need buyers who have an ABN to satisfy my accountant and auditor.

We have multiple 1oz Gold to sell (cast bars various minters like ABC, Perth Mint)
We also have Silver to sell (Primarily 1kg Pamp cast bars, we have 1x 5kg bar (ABC I think) and about 10x 10 ounce Pethmint silver Koalas I think 2010)
We also have one platinum minted bar but I cant remember the weight (its smallish).

So I'm looking to negotiate a sale with interested buyer/s
Ill be investigating other avenues for a sale outside this forum, but as this forum helped me so much I wanted to include ppl here as I consider you all fellow contrarians.

Private message me and we can chat.
 
GoldenEye said:
I've been recently told by my CPA that my SMSF can sell directly to myself or anyone, as long as it sold for the going rate, and there was no mention of needing an ABN. Sometimes I think these people just make up rules as they go along.
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I have bought and sold bullion from/for SMSF to parties without ABN without any issues with any one. The key is the price - too far away from spot and you might raise eye browse with ATO which is what matters. One auditor with E-super does not know what is spot - so if you have one of these ignorant auditors then good luck trying to please them.
 
Pendragon said:
I have bought and sold bullion from/for SMSF to parties without ABN without any issues with any one. The key is the price - too far away from spot and you might raise eye browse with ATO which is what matters. One auditor with E-super does not know what is spot - so if you have one of these ignorant auditors then good luck trying to please them.
Click to expand...
I expect that getting a copy of the Perth Mint's price on the day for the same bar should be enough. Although I've noticed that my accountant just uses the Perth Mint's unallocated value, which are based on "the London Fix". My CPA then uses this figure for all my PMs including physical.
 
I think seller wants the sales as black and white when comes to ato... you basically don't want these ato questions to come when it comes to audit time.. remember that ato is like a child with no knowledge and they always ask this and that... with ABN holders, seller is easier to provide etc etc to ato... if they can bring Perth bullion down, SMSF is child's play to ato....
I'd say if seller prefers abn atm, then we just need to agree on his terms..

Good luck with sales, pretty sure it's a sell-out
 
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