SMSF Buying Guide (Start Here)

What this page is (and isn’t)

This page explains how to buy bullion correctly in an SMSF so your ownership, paperwork, and storage are audit-clean.

It does not tell you what to buy or how much to allocate (that’s advice). It’s the “do it properly” checklist.

The 3 non-negotiables

If these aren’t clean, don’t buy yet:

1. Correct buyer on the invoice
   The buyer should be the SMSF trustee / corporate trustee (the legal owner), not “John Doe” personally (unless that’s the trustee name and it’s correct legally).
2. Payment from the SMSF bank account
   Don’t pay from a personal account and “reimburse later”. That’s how trustees create audit and compliance issues.
3. Compliant storage + proof
   You need storage that aligns with SMSF rules and an evidence trail you can show your auditor. Coins/collectables can trigger stricter requirements. See: /smsf/storage/

Step-by-step: buying bullion through your SMSF

Step 1: Confirm your SMSF can hold bullion

Before you place an order, make sure:

• Your SMSF investment strategy allows precious metals and you’ve documented the decision
• The transaction will be on commercial terms (arm’s length)
• You’ve already decided how you will store it compliantly

If you can’t tick those off confidently, speak with your adviser/auditor first.

Step 2: Choose SMSF-friendly products (audit-simple)

If you want low-friction auditing, consider:

• Investment-grade bullion bars (recognised refiner/mint, clear weight/purity, easier valuation)

Be cautious with:

• Proof/collectable/limited edition coins and high-premium numismatics
• Anything likely to be treated as a “collectable/personal use asset”, which can tighten storage/insurance requirements

If in doubt, stick to bullion bars and use independent storage.

Step 3: Have your SMSF details ready (one-time setup)

Depending on trustee structure and verification requirements, you may be asked for:

• SMSF name and trustee structure (individual trustees or corporate trustee)
• Trustee/director names
• ID documents for trustees/directors (where required)
• Evidence of corporate trustee details (e.g., company extract) (where required)
• SMSF bank account details

Step 4 — Place your order on /bullion/buy/

When you checkout:

• Ensure the billing/buyer details match the SMSF trustee / corporate trustee
• Use the SMSF email/contact details you want attached to invoices/receipts
• Pay from the SMSF bank account
• Choose delivery/storage deliberately (especially if coins/collectables are involved)

Buy bullion here

Step 5: Save your “audit pack” (do this every time)

Create a folder per purchase and keep:

• Tax invoice / order confirmation (showing SMSF trustee as buyer)
• Proof of payment from the SMSF bank account
• Storage evidence (vault statement/receipt, or documented storage decision)
• Insurance documents where required
• Trustee minute/resolution supporting the investment decision (optional, but strong)

Common mistakes (avoid these)

• Paying personally, then “fixing it later”
• Invoice made out to a member personally instead of the trustee/corporate trustee
• Buying coin/collectable-style products without understanding storage/insurance requirements
• No storage evidence (nothing to show an auditor)
• No documented trustee decision / investment strategy alignment

Disclaimer

This information is general only and does not consider your objectives, financial situation or needs. The Coin Chest does not provide financial product advice. You should obtain professional advice before acting on this information.