apologies if this has already been covered in a previous discussion. But what are the tax implications of selling silver? i've been getting conflicting and confusing opinions!
http://www.ato.gov.au/individuals/content.aspx?doc=/content/36542.htm That may help you a bit. Basically any capital gains or losses. If you hold it longer than 12 months you only need to pay CGT on 50% of the profits. Any capital gains or losses will be added onto your gross taxable income which is then paid according to the tax brackets. This includes your income, any interests, any capital gains/losses etc in that financial year.
been covered a bit on this thread: http://forums.silverstackers.com/topic-2914-capital-gains-tax-cgt-on-gold-and-silver.html may need to filter through to find the right info though as it's quite a large thread
What if you've bought it all for cash. I buy mine at random prices and forget what I buy it for. Can I just make up a rough guess of what I paid for it or what.
Probably, but given the totally biassed "law" system we have you can bet that most judges/juries would crucify you for daring to not have everything nicely written out in black and white ready for the government to put its thieving paws all over your money. The ATO is actually an illegal entity but that has not / does not stop courts finding in their favour all the time in relieving citizens of their private property. what a joke!
yes i can understand how some citizens can become this desperate. The government think they are above the law. They are... until the masses do something to change that
http://www.clrg.info/tax-is-voluntary/ Tax is voluntary. As is car rego http://www.clrg.info/fines-are-unlawful/ As is drivers licence. http://www.clrg.info/licenses-are-illegal/ Comments
I do believe that anybody with the right kind of information/skillset, eg an attorney who has a personal passion for fighting the unlawful infringement of cohersive governments on the lives of private citizens would win each and every such case against the illegal actions of government - the above three are good examples. There are examples of individuals who have indeed won these battles in court, and the relevant state departments have been instructed to leave these individuals well alone. unfortunately our corrupt "justice" system refuses to recognise the precedant in these cases, which means that every single individual who wishes to challenge these illegal restrictions by government would need to fight it out in court. Of course they do this because they know that ordinary people have neither the resources nor the time to do this effectively, and so they simply give in to government coercion, however illegal it may be. The sooner that people understand that our "justice system" has nothing to do with justice but everything to do with protecting the elites and their evil system the better. People will eventually wake up to this and we will see Middle East like uprisings all over the west.
Hi Lisa.. the majority of people here are collectors of odds and ends..some of which may or may not have some sort of silver content in it. I used to collect toys. I didn't pay tax on them when I flogged them off at the market as neither do people who sell their old clothes. So if you collect as a hobby, you're fine. So how many taxes are there.. something like over 120. I don't think they need to tax my junk crap I occasionally buy. So what.. I'm sure they have their hands full with environmental rapists and crocodile Dundee's ... lol Short and simple.
hey RCS.. yeah that dude had guts. Even burnt his home so they couldn't sell it to pay for damages! This guy knew what he was doing! Hopefully he didn't have any precious metals hanging around (or at least gave them to his family/friends before he departed.
