KFC is perfect house. this would be a great find , find of a lifetime. I think id be so hyped up though, id need a smoke to calm the nerves
I can hear the prospectors now descending on the Wedderburn area like a swarm of mozzies on a Sunday arvo BBQ.
Yeah, does he pay tax on that? I cannot believe he is flashing it around in some small town where he is from! If I were him i'd keep my head down!!! :|
I agree with raven. There is no incentive for the discoverer to disclose where he discovered this nugget.
Not sure. People are allowed to receive income in relation to a Hobby without paying any tax but there is a ceiling which applies. No idea of the figures and whether the tax is applied based on dollar turnover or just the profit component. If he does have to pay income tax or gct I hope he gets to claim the cost of equipment, fuel etc to offset his liability. He should visit an accountant first.
Saw the finder on the abc. They filmed him at Wedderburn which is a more likely area for him to have found it. I daresay he has taken out a lease where he found it before going public and he and any partners will be guarding it closely. If not it could have been found anywhere in the Golden Triangle with Wedderburn at the bottom of the likeliest places. There will be a thousand stories about where it came from. Last year a 5.5kg nugget was unveiled and paraded around in the media. A month after it was found I had heard a heap of different stories about where. Despite being named The Ballarat Nugget people reckoned they knew it had been found in a different location, some up to 100km away. Even in Ballarat there are multiple theories about which area or gully it was dug up. The nugget he was waving around in the media is a replica. A person advertises making them at the Maryborough Minelab shop which would be his local detector dealer. Imagine holding the weight of 5 and half tubs of butter with one hand. In House's pic He looks like he is holding something more the weight of a Golden Gaytime instead of his Fair Dinkum Nugget. He's probably reburied the real one.
The answer greatly depends on how he eventually trades of the nugget! If he unconditional sold it for dollars, then it'd be a one-time windfall gain not expected to repeat, like a first division lottery win. (http://law.ato.gov.au/atolaw/view.htm?docid=AID/AID2002644/00001) There may be some long-forgotten but still-active legislation from the gold rush era.
Wasnt sure if windfall rules applied, seems fair though. Be a bit rude if he had to cut it up and sell smaller pieces to keep below hobby threshold limits.
I reckon every landowner that has allowed him to prospect on their property would be chasing him for a share of the proceeds.
