Trading metal in smsf

G

Glitch

New Member
Can smsf swap and trade with private third party individuals. Eg tim smith owns a smsf and has 3 1kg silver bars. He wants to swap with bob jane a private nonrelated individual who is lookin to swap his 100oz silver bar as he wants smaller denominations. A flat out swap is conducted, tim now has a few more ounces for the swap.
How do you account for this transaction? Will a receipt be acceptable, and what i formation shouls be on it?



Thanks
 
IMO I'd do a bank transfer with the other party for the value of the trade. And have a sale receipt. Just to be sure the audit passes.
 
Glitch said:
Can smsf swap and trade with private third party individuals. Eg tim smith owns a smsf and has 3 1kg silver bars. He wants to swap with bob jane a private nonrelated individual who is lookin to swap his 100oz silver bar as he wants smaller denominations. A flat out swap is conducted, tim now has a few more ounces for the swap.
How do you account for this transaction? Will a receipt be acceptable, and what i formation shouls be on it?



Thanks
Click to expand...

Is cash changes hands? sorry if I missed that. If cash, then agree with Willrocks, if no cash, file note.
 
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