SMSF Bullion Guide (Self-Managed Super Fund)

Buy physical gold, silver, platinum and palladium in your SMSF

Many SMSF trustees choose physical precious metals to diversify their portfolio and hold a tangible asset. Done properly, it can be straightforward. Done casually, it can create audit headaches.

This guide explains the practical “how to” of buying and selling metals through an SMSF, and the common compliance traps to avoid.

Quick links

The 60-second compliance checklist (read this first)

Before your SMSF buys any precious metals:

  1. Investment strategy: Your SMSF must prepare, implement, and regularly review an investment strategy.
  2. Arm’s length: Transactions should be on normal commercial terms (pricing, documentation, settlement).
  3. Storage + insurance (especially for coins/collectables): Certain assets have strict storage and insurance requirements (see storage section below).
  4. Recordkeeping: Keep clean paperwork so your auditor can verify ownership, value, and storage.

If you can’t tick these off confidently, pause and get advice first.

What products are usually easiest for SMSF audits?

If your goal is simple valuation + clean audit trail, trustees typically prefer:

  • Investment-grade bullion bars (recognised refiner/mint, clear weight/purity, low premium, easy market pricing)
  • Highly liquid, widely traded bullion products with clear, objective pricing sources

Be careful with “collectable-style” coins and numismatics:
Coins/medallions/banknotes can fall under “collectables/personal use assets” rules, which can trigger stricter storage/insurance and documentation requirements. If you want the lowest-friction SMSF experience, bullion bars are usually the cleanest.

Storage rules: the biggest trap for SMSF trustees

If an asset is treated as a collectable or personal use asset, trustees need to follow strict rules. In plain English, the problem areas are:

  • No personal use (ever)
  • No leasing to related parties
  • Not stored at a private residence (member or related party)
  • Storage decision must be documented (and retained)
  • Insurance must be in the fund’s name within the required timeframe

If you want minimal compliance risk and maximum audit simplicity, independent storage/vaulting is usually the cleanest solution.

(Full details and practical options are here)

Buying through The Coin Chest as an SMSF (high-level)

You can buy online like a normal order, the difference is the paper trail.

What matters most

  • The buyer/invoice details should match the SMSF trustee / corporate trustee (so ownership is unambiguous)
  • Payment should come from the SMSF bank account, not personal funds
  • Storage/delivery should align with your SMSF compliance plan

Typical documents you may be asked for (varies by verification requirements)

  • Trustee details (individual or corporate trustee)
  • Identification documents for trustees/directors (where required)
  • Evidence of trustee structure (e.g., company extract for corporate trustee)
  • SMSF bank account details for payments/sale proceeds

Selling / buyback through The Coin Chest as an SMSF (high-level)

Selling is also straightforward if ownership and storage are clear.

What matters most

  • You sell as the SMSF trustee/corporate trustee (not personally)
  • You provide clear product details (type, weight, condition, location/storage)
  • Sale proceeds go back to the SMSF bank account

For the step-by-step process you can click here.

“Audit pack” checklist (what your auditor will want)

Keep these on file for each purchase/sale:

  • Tax invoice / order confirmation showing the SMSF trustee as buyer/seller
  • Proof of payment from the SMSF bank account
  • Storage evidence (vault receipt/statement, or documented storage decision)
  • Insurance documentation where required
  • Trustee minute/resolution supporting the investment decision (especially helpful for audits)

Important note on recordkeeping

SMSF trustees must keep extensive records (including financial records and trustee decisions). Don’t rely on “we can find it later in emails.” Create a clean folder per transaction and keep it complete.

Need help?

If you already have an SMSF and you know what products you want, we can assist with the transaction process and paperwork expectations.

If you’re still setting up your SMSF, or unsure about compliance/storage rules, speak with your SMSF accountant/adviser/auditor first.

General information only. The Coin Chest does not provide financial, tax or legal advice. Your SMSF trustee(s) are responsible for ensuring any purchase or sale is compliant with your trust deed, investment strategy, and superannuation law. If you’re unsure, speak with your SMSF accountant/adviser/auditor before transacting.