SMSF proof requirements when selling precious metals

silversuper

silversuper

Member
Hi all,
I need to sell off my precious metals and I'm not sure how to go about it.
Do I just sell the bullion and write my own receipt. to the purchaser or do I need a receipt from the purchaser?
Thanks in advance.
 
You are the seller so the receipt - if required at all - is an issue for the Purchaser and what they need.

You need to keep records, you are selling an asset of the fund and collecting cash, both assets. I keep a record on the day of spot, so if ever questioned by my auditor I can say I sold the asset (bullion) at above spot (and in this market you should be) so that's about it.

Price you sell may have tax implications (capital gain/loss ) - but that is a different issue.

If it's not bullion, then you have GST implications than again that is another matter.
 
Thanks for the advice folks. Much appreciated.
Stay tuned for some great stuff up for grabs in the near future including the bullets in my photo.
 
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