What are the storage requirements for SMSF bullion?
Storing the bullion in an SMSF ensures increased security and flexibility to continue to increase the volume of precious metals products. The bullion can be stored with a professional vault which provides clients with the peace of mind that the precious metals products are secured, safe and protected.
As Good As Gold Australia offers a range of storage options to suit the needs of our customers – this includes storage accounts, safe deposit boxes and vaults. We also offer
hands-off or remote controlled custodial precious metals storage Professional bullion storage protect against thefts, flood, fire, earthquakes, other natural phenomena and building damage by storing precious metals in secured premises other than at a residence or business.
Storage services in Adelaide – KWS Services (owned by As Good As Gold Australia).
Storage services in Melbourne: As Good As Gold Australia’s bullion's partner vaulting service is The Melbourne Vault in Melbourne.
The AGA team is always available to assist customers to find the best storage solution for individual requirements, and ensures the precious metals are always kept secure and safe.
Is there an extra cost for the insurance of our physical goods?
For an Insurable interest of $700k, this would cost around $1300 per annum.
How can I view the purchase of My goods in the safety deposit box or safe?
Customers can book an appointment to view precious metals during business hours and can also request photographs of purchased products (custodial vaulting).
How Do I set up a Self-Managed Super Fund?
As Good As Gold Australia partners with a number of reputable and trustworthy tax accountants in most Australian states. Our partners specialise in setting up SMSFs for our clients, support the precious metals industry and in many instances, also purchase precious metals themselves.
How can I take physical possession of bUllion in an SMSF?
As Good As Gold Australia offers professional, discreet delivery options which includes insurance for our customers who chose to take possession of their bullion. In addition to our discreet delivery service, there are two office locations (Melbourne and Adelaide) where customers can collect their bullion in person.
There is no charge for keeping the bullion in our professional storage until the customer is ready to collect from either office – (storage free of charge for up to six months).
At home storage: If an SMSF trustee requests to store their gold and silver bullion at home or other premises, they will need to purchase an appropriate safe (the SMSF can pay for the safe) and ensure it is correctly installed. The safe can be used by the SMSF – the trustees cannot obtain personal benefit from it (ie, cannot store personal valuables).
How are SMSF capital gains and
losses taxed?
Any capital gains and losses an SMSF makes during a financial year will be included in the fund's assessable income, so if its gains are more than its losses, it will normally have to pay CGT of 15% on the excess. There are some cases, however, where an SMSF may pay a higher or lower CGT rate than this. Please contact your accountant/financial adviser for further details.
What does preservation age in Super mean?
Your preservation age is the age at which you can access your super if you are retired (or have started a transition to a retirement income stream).
If you are aged over 65 or aged between Preservation Age and 64 and "Retired" you can access your Super Benefit either as a Simple Account Based Pension (which has tax concessions) or as a Lump Sum. If you are aged between Preservation Age and 64 and NOT Retired you can access your Super Benefit as a TRIS only
Born on/BEFORE
Born on/afer
Preservation Age
30/06/1960
30/06/1961
30/06/1962
30/06/1963
30/06/1964
1/07/1960
1/07/1961
1/07/1962
1/07/1963
1/07/1964
55
56
57
58
59
60
What age can I retire with a SMSF?
60 years old
The simplest answer to the question of when you can access your Self-Managed Superannuation Fund (SMSF) is when you retire and you are at least 60 years old. But there are other things to consider as well, including some special circumstances that allow the money to be released earlier.
what format do precious metals need to be in to be considered an investment in a SMSF?
Precious metals must be in a form that is tradeable on the international bullion market. Precious metals in an investment form carry a mark or characteristic that guarantees its fineness and quality.
An investment/tradeable form may be a bar, wafer or coin but must be in the form and character of the metal only. A tradeable form means the metal is in a form as traded at a spot price for the metal only. Granules do not carry marks and are not investment form. Some gold, silver or platinum coins are not precious metals (see Collectable coins)
How is the audit process conducted for an SMSF?
Most vaulting and gold bullion storage providers that cater to SMSFs provide annual audit reports to make the administration of your SMSF easier. When stored at home the onus of providing the audit evidence is on the trustee – i.e. photographic evidence, count sheets, and declarations each 30 June.
Some SMSF auditors may also insist a third party (auditor/accountant) inspect the bullion before signing off on the audit report which adds extra fees and costs.
Carmelle Pavan
General Manager
AGA Austrailia
Self Managed Super Funds
Complimentary Consultation with our SMSF Experts
Additional Resources
In addition to the comprehensive information provided in our SMSF FAQ section, we encourage you to explore further insights from external sources to enhance your understanding of self-managed superannuation with the following recommended resources:
Australian Taxation Office SMSF
Latest ATO statistics show SMSFs on the rise - SMSF Adviser
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