2 years ago
SMSF Accounts
I am preparing the accounts for a SMSF that has only invested in Gold. The value has gone up from $30000 to $40000 during the financial year. How do I account for the increase of $10000 in the accoun...
Hi Debbiedc
Try a new auditor.
SMSF accounts are required to show market value of assets on Balance Sheet, this does not however mean that an unrealised gain is income. Check with your tax adviser. Normally I would expect the creation of an Asset Revaluation Reserve (ARR) in the Equity section. Then a GJ debiting the Gold Asset account and crediting the ARR.
However I am not an SMSF expert, and things might be done differently - so your own accountant is the best place to check.
Regards
Gavin
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