This is primarily for Australian residents. I'm not to clued up on tax here but if I made a loss in a gold purchase and subsequent resale can I claim this back on my tax return. Thanks, James
You should be able to according to this response from the ATO on same. https://community.ato.gov.au/t5/Personal-tax-questions/transfer-of-gold-to-spouse-and-CGT/td-p/24804
Not against your regular income. Gold losses are the same as share or property or other asset losses, it's called a capital loss. You can only claim capital losses against capital gains. So say you lost $1000 on a gold investment, and you made $1000 profit selling shares, you'd pay no tax because it's offset that full amount of gain. The good thing about capital losses is that they can be carried over indefinitely, year after year, it doesn't expire.
If you made such loss that is worthwhile for you to write down capital loss on your tax claim.... you're brave.. cause ATO will love you for it as they can track down taxpayers who hold these gold.. when got runs out of money (soon) they'll know which house(s) that they will knock doors on and ask to handover those gold...better still, put all your precious metals in one of those 4 banks' SDBs, it's easier for gov to take them without your approval Good luck to 'claim' on mere losses on your claim,ATO will thank you for your honesty.... just like all our politicians who have been 'absolutely' honest to us on most of these times, especially during election times
Yeah I think most people who stack gold here do it outside of any banking or government system. Unless it’s multi multi millions of dollars but then I guess you would have an army of financial advisors already in that case
There’s nothing to dare. I’ll repeat it again, the government doesn’t need gold. If you disagree, then explain why a government would want gold. My concern is when Central Banks realise this and start selling off their holdings.
