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Holding foreign currency notes and gold within in SMSF

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Newbie

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I was hoping to get clarification of whether 1:

 

Is is ok to hold foreign currency notes and gold that are purchased/owned by a SMSF in a personal safety box (in personal name, not the fund) held at a financial institution (Third party).  Also is it ok for the safety box fees to be paid by personally and not by the SMSF.  There is no recording of the personal contribution within the SMSF as the person who owns the safety box wants to hold also personal items in the box as well as assets held by the SMSF.

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ATO Certified

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HI @ricardil,

 

Welcome to our Community!

 

We can provide general information here on our community, and generally speaking you need to manage your fund’s investments separately from the personal or business investments of members, including your own. This includes ensuring the fund has clear ownership of its investment assets.

 

You can find general information about ownership and protection of assets and investments of your SMSF on our website. Alternatively, you can apply for a written explanation of the Commissioner's view on how the super laws apply, or would apply, to your SMSF in relation to a specific transaction or arrangement by requesting SMSF specific advice.

 

Thanks, JodieH.

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

HI @ricardil,

 

Welcome to our Community!

 

We can provide general information here on our community, and generally speaking you need to manage your fund’s investments separately from the personal or business investments of members, including your own. This includes ensuring the fund has clear ownership of its investment assets.

 

You can find general information about ownership and protection of assets and investments of your SMSF on our website. Alternatively, you can apply for a written explanation of the Commissioner's view on how the super laws apply, or would apply, to your SMSF in relation to a specific transaction or arrangement by requesting SMSF specific advice.

 

Thanks, JodieH.