SMSF - Arms length transactions of Bullion

[Dirtbikepilot]

If you purchase collectables it states, 'collectables and personal use assets must not be stored or displayed in the private residence of any related party of the fund.'

So if I buried them in the yard or stored them in a safe in my shed I would be complying (have to look up definition of private residence). I would only need insurance
to continue complying. I imagine the insurer would want to know where they are stored and probably would not like hearing they are buried under the roses.


Edit: Could not find a formal definition of private residence, however everything I read in relation to a residence referred to the dwelling only, not the land. Will update If I find otherwise.

 

[Wout]

$200 are currently being sold by wdavis for $497 based on a SPOT of $1590.94

SPOT Value of a $200 coin (adjusted for GST) is 0.2948 x SPOT +10% = $515

Therefore it is clear that $200 coins trade BELOW spot.

So this is clearly NOT a collectors coin. There is no problem with your SMSF having GST attributable items in it either.

(Case Closed)

Ahh thankyou, you put my mind at ease mate

 

[Willow]

The common sense application of the rules you are discussing here is as follows in my view.

You can not buy a Rembrandt and hang it on the wall in your house (private residence) and still be inside the rules.
You could buy a Rembrandt and get paid a commercially appropriate fee to have it hang in the board room of a bank/business.
The same concept applies to the coins as artwork. You can buy coins if it is inside your investment strategy but do not expect to be able to pull them out
for a look for the purpose of silver porn. It is an investment NOT a current useable toy.

 

[gazzahere]

good morning all,

my apologies for my input into this thread which seems to have brought some confusion into the light.

Out of all of the writings and links ------------ I did find the following the most amusing - and I hope we are all still smiling


from your friendly ato

"Our commitment to you
We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations.
If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take."

cut out a few words there

"Our commitment to you
We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations.
If you follow our information and it turns out to be incorrect, ...................................... we will take that into account when determining what action, if any, we should take."


so they tell us if it's their mistake - providing us with incorrect information and we act on it -------------------------------------- 'they' will take that into account when determining their next action.



God, is it just me - or is that 100% precious. Now you know why I am not an accountant.


http://www.ato.gov.au/superfunds/PrintFriendly.aspx?ms=superfunds&doc=/content/00301181.htm


have a great tuesday all

gazza