SMSF Selling & Buyback Guide (How to Sell Bullion From Your SMSF)
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The selling rule that matters most
Selling is clean when you can prove three things:
- The SMSF owns the metal (invoice/records match the trustee/corporate trustee)
- The metal is where you say it is (storage evidence, chain of custody)
- Sale proceeds go back to the SMSF bank account (not personal)
If those are messy, your auditor will make it messy.
Step-by-step: how to sell as an SMSF
Step 1 — Prepare your sell list (what to send us)
Send the following so we can quote quickly and accurately:
- Product name (bar/coin), brand/mint/refiner
- Metal type (gold/silver/platinum/palladium)
- Weight/size and quantity
- Condition (sealed, handled, capsule, etc.)
- Serial number(s) if applicable (bars often have them)
- Where it’s stored (vault, insured storage, other)
- Your location (for handover/shipping logistics)
Step 2 — Request a buyback quote
Contact us with the sell list above and we’ll confirm:
- The buyback price / pricing method
- Any verification requirements
- The handover method (in person or shipped)
Step 3 — Confirm legal seller details (don’t skip)
The seller should be the SMSF trustee / corporate trustee (the legal owner).
Practical guidance:
- Use the same SMSF account/profile you used to buy (where possible)
- Ensure the name on the sale documentation matches the trustee/corporate trustee
- Don’t sell personally if the SMSF owns the metal
Step 4 — Handover / delivery for verification
Depending on location and product type:
- In-person drop-off (where available), or
- Shipped/transported securely for verification
Important: Pack and ship carefully. Damage, missing seals, or tampering risk can affect verification and pricing.
Step 5 — Verification (what we check)
We verify authenticity and condition. Typical checks include:
- Weight and dimensions
- Markings/serials (where applicable)
- Condition of sealed packaging (where applicable)
- General authenticity checks
Once verified, the transaction proceeds to settlement.
Step 6 — Settlement (where funds go)
Sale proceeds are paid to the SMSF bank account.
Do not route settlement to a personal account. Keep the fund’s audit trail clean.
What your auditor will want (sell-side audit pack)
Keep these on file for each sale:
- Sale confirmation / buyback record showing trustee/corporate trustee as seller
- Proof of funds received into the SMSF bank account
- Inventory/holding record showing the SMSF owned the metal sold
- Storage evidence showing where it was held prior to sale
- Trustee minute/resolution supporting the sale decision (recommended)
- Any correspondence confirming quote, verification, and settlement
Common mistakes (avoid these)
- Selling personally when the SMSF owns the metal
- Settling to a personal bank account “just this once”
- No proof of storage / no chain of custody
- No sale paperwork kept (auditor can’t verify)
- Mixing personal holdings and SMSF holdings physically (easy to do, hard to defend)
Frequently asked questions
How fast can my SMSF receive the proceeds?
This depends on verification and settlement method. The cleanest process is: confirm seller details → verify metal → settle to the SMSF bank account.
Can I sell only part of the SMSF holding?
Yes. Just send a clear sell list with quantities.
What if my metals are in vault storage?
Provide the vault/storage details and we’ll work through the handover process.
Do you buy back coins and bars?
Yes, subject to product type, verification, and condition. Send the sell list first for a quote.
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.