Gold & Silver Stocks

[Administrator]

A while back, due to ATO rules (moving overseas > 2 years), I had to close down my SMSF. So I rolled it over into an ING managed account where you can choose shares.

They really make it difficult to invest in any one sector. They basically try to enforce you to "diversify" by only allowing a maximum allocation of 10% of your total portfolio value into any one share. They also further limit choices to ASX 300 shares.

Despite all their limits I managed to find a few good ETFs and miners, and have literally doubled my superannuation account value in the past year, without making any contributions.

Had I been able to keep my SMSF running, it would have been worth 5 times what my super is now worth. It was heavy in physical Gold and Silver. At the time I ended it, the ATO were making it more and more difficult to hold physical PMs in super, the accountant's fees almost doubled every year, the ATO started charging crippling fees, and my accountant was hinting that the physical PMs need to be physically audited every year.

 

[STKR]

A while back, due to ATO rules (moving overseas > 2 years), I had to close down my SMSF. So I rolled it over into an ING managed account where you can choose shares.

They really make it difficult to invest in any one sector. They basically try to enforce you to "diversify" by only allowing a maximum allocation of 10% of your total portfolio value into any one share. They also further limit choices to ASX 300 shares.

Despite all their limits I managed to find a few good ETFs and miners, and have literally doubled my superannuation account value in the past year, without making any contributions.

Had I been able to keep my SMSF running, it would have been worth 5 times what my super is now worth. It was heavy in physical Gold and Silver. At the time I ended it, the ATO were making it more and more difficult to hold physical PMs in super, the accountant's fees almost doubled every year, the ATO started charging crippling fees, and my accountant was hinting that the physical PMs need to be physically audited every year.

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Given the circumstances, you've done very well.

 

[alor]

as precious metals are category as HIGH RISK, you should have updated your profile from risk adverse to RISK LOVERS !!!
so that your stratrgy can be super concentrated and stayed FOCUS

 

[DJE]

A while back, due to ATO rules (moving overseas > 2 years), I had to close down my SMSF. So I rolled it over into an ING managed account where you can choose shares.

They really make it difficult to invest in any one sector. They basically try to enforce you to "diversify" by only allowing a maximum allocation of 10% of your total portfolio value into any one share. They also further limit choices to ASX 300 shares.

Despite all their limits I managed to find a few good ETFs and miners, and have literally doubled my superannuation account value in the past year, without making any contributions.

Had I been able to keep my SMSF running, it would have been worth 5 times what my super is now worth. It was heavy in physical Gold and Silver. At the time I ended it, the ATO were making it more and more difficult to hold physical PMs in super, the accountant's fees almost doubled every year, the ATO started charging crippling fees, and my accountant was hinting that the physical PMs need to be physically audited every year.

View attachment 15564

This isn't encouraging to hear as I'm looking to transfer my SMSF holdings in to metals..
Did you hold your SMSF metals privately or in a storage vaulted facility?
In you opinion, for SMSF purposes would it be more practical to keep PMs stored in a serviced vault for ease of auditing and possibly more cost effective?

 

[Administrator]

This isn't encouraging to hear as I'm looking to transfer my SMSF holdings in to metals..
Did you hold your SMSF metals privately or in a storage vaulted facility?
In you opinion, for SMSF purposes would it be more practical to keep PMs stored in a serviced vault for ease of auditing and possibly more cost effective?

Held privately in Guardian Vaults (Sydney).

I'm not even sure how a physical audit would go as the vaults normally won't allow additional people in the secured area. Not to mention the costs? I got an ATO audit one year. They wanted me to provide them with "serial numbers" and a complete description of each piece of bullion. I was able to provide the numbers for some of the silver bars but obviously Perth Mint gold coins didn't have any. I ended up supplying them with a photograph of them on a recent newspaper.

My accountant was raising their SMSF tax return / audit fees every year. My PM allocations didn't really change from year to year and they were literally just copying the previous years, and sometimes they even missed changing the year in a few places. One year the audit price doubled, and they couldn't give a reason. Even with the ever-increasing fees, I got the feeling they didn't want me as a customer.

But all that wasn't the main reason I closed it, it was due to failing the residency test (trustee being overseas for 2+ years). I could have said I was still an Australian resident, but that would have kept me on the hook for Australian income taxes.

 

[SKULL]

Held privately in Guardian Vaults (Sydney).

I'm not even sure how a physical audit would go as the vaults normally won't allow additional people in the secured area. Not to mention the costs? I got an ATO audit one year. They wanted me to provide them with "serial numbers" and a complete description of each piece of bullion. I was able to provide the numbers for some of the silver bars but obviously Perth Mint gold coins didn't have any. I ended up supplying them with a photograph of them on a recent newspaper.

My accountant was raising their SMSF tax return / audit fees every year. My PM allocations didn't really change from year to year and they were literally just copying the previous years, and sometimes they even missed changing the year in a few places. One year the audit price doubled, and they couldn't give a reason. Even with the ever-increasing fees, I got the feeling they didn't want me as a customer.

But all that wasn't the main reason I closed it, it was due to failing the residency test (trustee being overseas for 2+ years). I could have said I was still an Australian resident, but that would have kept me on the hook for Australian income taxes.

The sole focus of the " Parasite " ( Government ) Is to find new& increasingly complex ways to suck more & more money out of the Publics pockets.

Great example is ur case. When u find ways to minimize their taxation ( of your already, previously taxed money ), they just ramp up the Regulations around compliance & make it so difficult/time consuming/costly that eventually u are pushed/forced into higher taxation regimes.

Government is like any organism ( think of Politicians/ Bureaucrats as cells in a living organism ) it's basic drive is to Feed & Grow. They are the Parasite & the Public is the host. But they eventually can't control their expansion & their host ( the Public ) eventually weakens. A choice is needed ! Revolution or Collapse.

Look at the USA. Their Parasite is so Large that it knows it's killing it's host, but to prolong it's time, it's Parasiting on the Global Host for over $2 TRILLION / year. At some point the Hosts will be bleed so far that Revaluation/Collapse/Default/War will happen.

Just a matter of time & the " EVENT " that kicks it off.