Don`t worry about a boat, or losing bullion overboard, that will only Red Flag you. Don`t become a "person of interest".
There is no mandatory reporting of bullion transactions to AUSTRAC or ATO. However, I understand ATO has wide powers to request information (as per the ebay example mentioned) so you must operate on assumption that any trading you've done can be found. Single cash transactions over $10,000 have to be reported to AUSTRAC - there is no accumulation of trade value over time. ID on bullion trades required above $5000 (single trades only). Each dealer implements the "risk based" (ie AUSTRAC does not specify any rules) approach differently, so some may base it on accumulated trading and others differently. Ignore the "buying bullion is not an investment it is accumulation of money, if you have this attitude then you make no capital gain", it is not about attitude or what you think is right or moral. The law treats bullion just like any other asset and capital gains tax applies.
Thank you bron suchecki. It is such a shame that many of our other purchases that keep depreciating (i.e. car, tools) can't be claimed against tax.
It is weird though isn't it; "I purchased this ounce of gold in 2001 and $300, and if I sell it today, with the money that I end up with, I can purchase .75 of an ounce of gold...." Where is the capital gain :S lol
Your capital was the $300 you used to purchase the gold. You sell it and you now have $1500 capital, a $1200 capital gain. While it's not an actual gain as we see it, the govt and all laws (taxes and penalties) work in AUD not XAU or XAG and they want their cut.
