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#1 2016-05-25 03:19:50

Goldhamster
Member
From: Australia
Registered: 2009-10-01
Posts: 60
Trades :   

Sale of Collectibles

Hi everyone,

I have to sell some of my  "collectibles " in my SMSF and want to sell them to myself.
If I took today's market selling price off bullion dealers lists,kept their  price sheets as proof of fair value having been paid ,could I buy them off my fund?
Would my SMSF have to raise an invoice ? Would the trustee have to sign  and issue a receipt ?

I do not personally have a company.

Thanks for your help

T.

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#2 2016-05-25 04:23:59

sammysilver
Silver Stacker
From: Sydney
Registered: 2011-04-07
Posts: 5,482
Trades :   189 
Website

Re: Sale of Collectibles

You are maybe making a big mistake. The SMSF silver was bought at 15% tax money. You will be buying it off yourself at probably at a minimum of 32.5% tax money. Why not just leave it in your fund and by the equivalent piece elsewhere?


The price we pay for the good life is public servitude.

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#3 2016-05-25 04:34:32

Goldhamster
Member
From: Australia
Registered: 2009-10-01
Posts: 60
Trades :   

Re: Sale of Collectibles

I don't want to leave the coins in the fund because compliance cost would be too high.Paying the market rate for them would also mean I can buy a similar amount of ounces in bars for the fund.
Could you please elaborate on the tax issue ? I am keen to learn.
Cheers

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#4 2016-05-25 04:41:55

Golden ChipMunk
Member
From: Jupiter, Venus, Mars
Registered: 2012-12-12
Posts: 6,731
Trades :   256 

Re: Sale of Collectibles


Original Perth CAPSULES - All Sizes Available
Full/ Half SOVEREIGN caps, contact Chip wink

Please leave pm , I will reply back  wink Chip

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#5 2016-05-25 04:45:29

Golden ChipMunk
Member
From: Jupiter, Venus, Mars
Registered: 2012-12-12
Posts: 6,731
Trades :   256 

Re: Sale of Collectibles


Original Perth CAPSULES - All Sizes Available
Full/ Half SOVEREIGN caps, contact Chip wink

Please leave pm , I will reply back  wink Chip

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#6 2016-05-26 05:46:48

Goldhamster
Member
From: Australia
Registered: 2009-10-01
Posts: 60
Trades :   

Re: Sale of Collectibles

Can I do a swap with my SMSF ?
1 oz coin for a 1 oz bar ?

Thomas

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#7 2016-05-26 05:58:18

Ipv6Ready
Silver Stacker
From: North Sydney
Registered: 2016-01-08
Posts: 2,218
Trades :   39 

Re: Sale of Collectibles

I think you will fail related party rule.

Questions this specific you should ask your SMSFs manager.


WTB 4 to 6 grams of pure gold. Don't care if it is coin, bar or granules. Near spot, suits anyone who has been tempted to open a certicard or just have some granules to make a ring

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#8 2016-05-26 07:55:15

hyphenated
Member
From: FNQ
Registered: 2012-10-06
Posts: 459
Trades :   76 

Re: Sale of Collectibles

It's got to be an arms-length transaction.  You might get away with demonstrating value on the open market, but straight swaps might look a little too ingenuous (especially low premium for high).  I  suspect that you are inviting an audit if you get casual.

You may be able to minute that conformance costs necessitate a sale of certain PM types, in which case you have to sell anything else in the category.  +1 on talking to the SMSF manager.

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