SMSF Auditing Hassles

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Abossy

Active Member
Silver Stacker
Hey guys - wondering if anyone has been in a similar situation. Basically my SMSF fund status is currently non-compliant due to an overdue tax return. Apparently the ATO now marks the fund uncompliant if the return is overdue a little as a few weeks. I'm with ESuperfund and anyone who is with them knows the insane turnaround times - sometimes as long as 8 months.

Anyway, I need to get my bullion holdings valued as part of my return - unfortunately (or fortunately) it's all physical held in storage under the SMSF. Due to the compliance status, I'm having trouble finding any bullion dealers to perform a valuation.

Can anyone offer advice on how to get this done or who they could recommend to get this done? In addition can anyone offer advice on dealing with the ATO directly on this? I'm currently in Perth.

I'm so over dealing with this SMSF every year it seems like more and more of a BS hassle - higher fees, more draconian penalty threats from ATO, etc.
 
I only provide a Stat Dec.
They've asked for all sorts of stuff like an auditor's report, or a photo of your PMs with today's newspaper. It's very easy to point out how ridiculous all this is, and in the end they accept the Stat Dec.
 
I know this is an old post but was wondering how easy/difficult / expensive it would be to buy and own physical gold though a smsf. If it’s more than providing proof Of ownership and today’s price, I’d assume the extra costs would make it not worthwhile.
 
Craig321 said:
I know this is an old post but was wondering how easy/difficult / expensive it would be to buy and own physical gold though a smsf. If it’s more than providing proof Of ownership and today’s price, I’d assume the extra costs would make it not worthwhile.
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I've done it and its not worth it. The storage hassles, including insurance and the ridiculous auditing requirements makes it a headache.

I now use the PM gold ASX instrument...much easier and fully redeemable for physical.
 
I have no problems and just supply a Stat Dec. My auditor initially wasn't happy with this and asked for an independent audit, and then photos with the PMs and a current newspaper, and all sorts of weird stuff. I pointed out that I could have fake PMs, or I could borrow some from a mate, and you couldn't tell from a pic or even an independent auditor couldn't tell. Also a Stat Dec was acceptable to an Australian Court whose jurisdiction is above the ATO, so the ATO should accept a Stat Dec.
 
Abossy said:
I've done it and its not worth it. The storage hassles, including insurance and the ridiculous auditing requirements makes it a headache.

I now use the PM gold ASX instrument...much easier and fully redeemable for physical.
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Agree, a gold etf is the way to go.

Doesn't suit those who desire physical though.
 
mmm....shiney! said:
Agree, a gold etf is the way to go.

Doesn't suit those who desire physical though.
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I think physical is fine for personal/private use. Wouldn't go anywhere near it again for the SMSF.

Im even considering seriously winding up the SMSF. Too much hassle with the audits and draconian ATO policies threatning to penalise you for every little thing. Hate those pricks.
 
A few years ago my valuation was evidenced by the spot price of gold as posted by the Perth Mint at the end of financial year. Auditor was not happy but it made no difference because ATO accepted despite auditors negative report. I assume you have evidenced your purchase of bullion - so the bullion is just spot.

Some auditors do not know what is bullion. Do not buy numismatics otherwise you will be obliged to evidence separate storage. you not allowed to enjoy access to your numismatics
 
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