SMSFs are becoming more popular as people realise that they have the power to control their own retirement savings and investment options. But with greater flexibility comes a higher level of responsibility. SMSF trustees must ensure they are aware of the laws governing their funds and adhere to strict compliance rules. Failure to do so can result in fines and loss of assets.
For this reason, SMSFs are not ideal for all investments and should be carefully considered before deciding to invest. It is particularly important to have a clear understanding of the laws governing SMSFs before making any decisions to invest in high-risk assets like gold. If you are unsure of the laws surrounding SMSFs, it is recommended that you speak to a professional financial adviser who can advise on the best options for your situation.
The first step in investing in gold is determining whether you want to buy physical bullion or exchange-traded products. Buying physical bullion can be expensive but offers the advantage of being easily liquidated. You can purchase gold bullion bars or coins from reputable dealers across Australia. However, you must be prepared to store the gold securely at home or arrange for a custodial arrangement with a bullion dealer.
A more affordable option is to buy an exchange-traded product that tracks the price of gold. These products can be traded online via a broker and have the added benefit of being stored in custodial arrangements with providers like The Perth Mint.