If your SMSF holds physical gold or silver, take a few minutes to make sure your records are up to date. Take clear photos of your bullion lying on a newspaper, with the newspaper date and the bullion’s markings, weight and purity clearly visible. If you have a lot, group similar items together, for example all 1oz, 100g or 1kg bars.
Keep the photos with your SMSF records, along with purchase invoices, storage details and identifying information such as bar numbers where applicable.
If you’ve bought or sold bullion during the year, make sure those records are up to date too. It’s a simple job that can make year-end accounting, valuation and audit much easier, particularly if your bullion is stored somewhere other than at home.
Five minutes now could save a lot of chasing later.
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