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#1 2017-02-21 00:01:50

Skyblues
Member
From: Adelaide
Registered: 2011-03-22
Posts: 147
Trades :   

SMSF Silver Purchase Transaction EFT/Cash receipt

Hi All,
Re a regular PM purchase transaction - e.g. with ESuperfund.

If you buy directly from Perth Mint or any other reputable PM dealer, the transfer can go through ESuperfund's CBA account and you obviously will have an invoice that can be shown for the audit.

Q1) What if you buy from another person, do you have to do this transaction via EFT and also request a cash receipt? Will a record of the EFT transfer suffice for compliance? OR do you have to get some sort of a receipt from the individual as well?

Q2) Is it possible to pay this in cash? You then have to request a cash receipt?

Q3) What if you are buying PMs from another SMSF - EFT record and cash receipt again?

Thanks.

Last edited by Skyblues (2017-02-21 00:09:23)


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