SMSF Newbie Paperwork Help

[Arsenal]

Hi All Stackers

This is the first time I'm putting through paperwork for the SMSF through esuperfund and I have a few Questions.

"Trustees confirm that the Physical Metals will be securely located at:
Please confirm where the Physical Metals will be located and why this is an appropriate storage location for the Physical Metals.
Trustees confirm that the Physical Metals will / will not be insured.
Please confirm if the Physical Metals is insured. If not please explain why."

Q. Do I have to put the address of where it is at or can I put "an undisclosed secure location"?
Q. What is a good reason for the Metals not to be insured?



The associated statement evidencing the holdings and market Value for the each of the following bullion assets held by your fund as at 30/06/2012:
Typeset 1/2,1,2,5,10,oz Dragon Coin
Silver Bullion

Q. Do I seriously have to have a value for each item? if so where do I get the prices? Can I get away with a bulk statement. Ie the spot price on 30/06/12 x 100 ounces of Silver?

Thanks for you help

 

[hiho]

Q. Do I have to put the address of where it is at or can I put "an undisclosed secure location"? yes the address is requiredQ. What is a good reason for the Metals not to be insured?
Q. Do I seriously have to have a value for each item? if so where do I get the prices? Can I get away with a bulk statement. Ie the spot price on 30/06/12 x 100 ounces of Silver? Yes refer to sticky kindly provided by mmmmmmmmmmmmmmshinnnneyyyyyyyyyy http://forums.silverstackers.com/topic-28137-end-of-financial-year-2011-2012-prices.html

 

[bullionfrog]

Q. Do I have to put the address of where it is at or can I put "an undisclosed secure location"? yes the address is requiredQ. What is a good reason for the Metals not to be insured?
Q. Do I seriously have to have a value for each item? if so where do I get the prices? Can I get away with a bulk statement. Ie the spot price on 30/06/12 x 100 ounces of Silver? Yes refer to sticky kindly provided by mmmmmmmmmmmmmmshinnnneyyyyyyyyyy http://forums.silverstackers.com/topic-28137-end-of-financial-year-2011-2012-prices.html

Hi Hiho,

I just qualified this year SMSF audit. I didn't provide the exact address but this:

All bullion all stored in a Bank Deposit Box located in Sydney CDB.

So would that real address does matter?

 

[Arsenal]

Thanks Hiho and Bullionfrog

Bullionfrog, are you with esuperfund? did you have to show proof of safe deposit box?

 

[jparrie]

Q. Do I have to put the address of where it is at or can I put "an undisclosed secure location"? yes the address is required

No, the address is NOT required. Just say it is stored at a secure location and will be made available for inspection if required.

 

[hiho]

sorry guys just going off what my auditor requested

 

[jparrie]

sorry guys just going off what my auditor requested

Wasn't being critical of you Hiho, it's just wise to remember where all this information is going; probably India, Manilla or god knows where. Give what you feel comfortable with, nothing more, certainly nothing that identifies where your stash is kept.

 

[hiho]

sorry guys just going off what my auditor requested

Wasn't being critical of you Hiho, it's just wise to remember where all this information is going; probably India, Manilla or god knows where. Give what you feel comfortable with, nothing more, certainly nothing that identifies where your stash is kept.

I know matey, your cool

 

[Arsenal]

sorry guys just going off what my auditor requested

Wasn't being critical of you Hiho, it's just wise to remember where all this information is going; probably India, Manilla or god knows where. Give what you feel comfortable with, nothing more, certainly nothing that identifies where your stash is kept.

Thats what Im worried about, don't want it identified where it is kept.

 

[bullionfrog]

Thanks Hiho and Bullionfrog

Bullionfrog, are you with esuperfund? did you have to show proof of safe deposit box?

Yes, I'm with esuperfund, I didn't provide any proof, my box wasn't even under the super name

 

[REDBACK]

When my auditor gave me his last bill,i told him exactly where i was going to put my silver Next year.


REDBACK

 

[willrocks]

Trustees confirm that the Physical Metals will be securely located at:
Please confirm if the Physical Metals is insured. If not please explain why.

For me the answers would be:

We confirm physical metals are securely located in a bank safe deposit box.

Physical metals will not be insured as they are stored in a secure bank safe deposit box. It is my understanding that paper assets are not required to be insured, even the riskier ones. Yet paper assets potentially pose a greater risk than physical metal in continually degrading financial conditions."