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Where should I store my gold bullion?

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I have a SMSF and have picked up some gold bullion over the past few years on the advice of alarmists who predicted the end of the economic world, rampant inflation and a whole lot of other things. I have stored the gold in my house but I have read something about having to store them in some official capacity. Is this right?

There are new collectible rules, which came in for SMSF trustees and these came into play on 1 July 2011. Generally if you have collectibles in your fund, you can no longer store them at a private residence owned by a member of the SMSF. Collectibles typically include painting, works of art, coins, jewellery, stamp collections, bank notes, medallions, antiques, boats, cars, etc.

What is interesting is that gold bullion isn’t on the list and this can be understood as in itself it does not give many people any intrinsic joy such as a vintage car, a great painting or a beautiful piece of sculpture.

There are other rules that a related party cannot use the collectible and it must be insured. Any new collectible must follow the new guidelines but any existing collectible is handled very compassionately. You have until June 30, 2016 to comply — that’s very generous for the Australian Taxation Office!

For advice you can trust book a complimentary first appointment with Switzer Financial Planning today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Wednesday, April 18, 2012

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