ATO to target Precious Metals

Discussion in 'General Precious Metals Discussion' started by grinners, May 18, 2013.

Page 1 of 4
  1. grinners

    grinners Active Member Silver Stacker

    Joined:
    Mar 19, 2011
    Messages:
    1,183
    Likes Received:
    3
    Trophy Points:
    38
    Location:
    Australia
    Straight from the horses mouth.

    It is their next 'project'.

    You have been warned.

    :)
     
    grinners, May 18, 2013
    #1
  2. boston

    boston Well-Known Member Silver Stacker

    Joined:
    Jul 7, 2009
    Messages:
    3,857
    Likes Received:
    24
    Trophy Points:
    48
    Location:
    Australia
    And you are surprised?
     
    boston, May 18, 2013
    #2
  3. House

    House Well-Known Member Silver Stacker

    Joined:
    May 1, 2012
    Messages:
    9,527
    Likes Received:
    287
    Trophy Points:
    83
    Location:
    Stack City
    Dag nabbit, less nebulousness and more detail!
     
    House, May 18, 2013
    #3
  4. willrocks

    willrocks Well-Known Member Silver Stacker

    Joined:
    May 10, 2012
    Messages:
    7,777
    Likes Received:
    7,199
    Trophy Points:
    113
    Link?

    Why would they target an asset that's falling in value? It could prompt more people to claim losses.
     
    willrocks, May 18, 2013
    #4
  5. grinners

    grinners Active Member Silver Stacker

    Joined:
    Mar 19, 2011
    Messages:
    1,183
    Likes Received:
    3
    Trophy Points:
    38
    Location:
    Australia
    No link. Like I said straight from the horses mouth.

    Take it or leave it :) They may well change their plan but I wouldn't be using this year to do anything below board :)

    As for nebulousness (nice word!), I'd suggest that just as some years the ATO targets 'tradies' or 'Ebay', the next project may well be PM's. Not sure how much more clear I can be.
     
    grinners, May 18, 2013
    #5
  6. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

    Joined:
    Nov 15, 2010
    Messages:
    18,691
    Likes Received:
    4,454
    Trophy Points:
    113
    Umm, coz it's the ATO :rolleyes: :p
     
    mmm....shiney!, May 18, 2013
    #6
  7. goanna

    goanna Member Silver Stacker

    Joined:
    Mar 31, 2013
    Messages:
    544
    Likes Received:
    0
    Trophy Points:
    16
    Regardless of which party wins in September, they will be looking for as much income as they can.
    Any sort of loophole will likely be closed or scrutinised closely.
     
    goanna, May 18, 2013
    #7
  8. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

    Joined:
    Feb 26, 2010
    Messages:
    8,809
    Likes Received:
    72
    Trophy Points:
    48
    Location:
    Gone Fishin'
    Halloween isn't for a few months...spook stories then :)
     
    Clawhammer, May 18, 2013
    #8
  9. serial

    serial Well-Known Member Silver Stacker

    Joined:
    Aug 19, 2012
    Messages:
    5,969
    Likes Received:
    3,070
    Trophy Points:
    113
    Location:
    wa
    I can see it now ato calls me "we hear you bought some silver when it was $30+ an ounce, and as it is now trading at $22 we think you may be making a unrecorded profit and would like to audit you"
    6 mths later
    "here you go sir, your tax refund check for $X,000 after recording your losses"
     
    serial, May 18, 2013
    #9
  10. hiho

    hiho Active Member Silver Stacker

    Joined:
    Apr 4, 2011
    Messages:
    7,816
    Likes Received:
    21
    Trophy Points:
    38
    Location:
    South Brisbane
    That's it attack my significant capital loss
     
    hiho, May 18, 2013
    #10
  11. hiho

    hiho Active Member Silver Stacker

    Joined:
    Apr 4, 2011
    Messages:
    7,816
    Likes Received:
    21
    Trophy Points:
    38
    Location:
    South Brisbane
    Unless you make a capital gain you cannot offset a capital loss
     
    hiho, May 18, 2013
    #11
  12. wrcmad

    wrcmad Well-Known Member Silver Stacker

    Joined:
    Jan 2, 2012
    Messages:
    6,644
    Likes Received:
    1,502
    Trophy Points:
    113
    Location:
    Northern NSW
    Ummm... sorry Mr ATO, I'm not really sure what you are talking about...... what precious metals?
     
    wrcmad, May 18, 2013
    #12
  13. long88

    long88 Member

    Joined:
    Jun 19, 2012
    Messages:
    756
    Likes Received:
    12
    Trophy Points:
    18
    Location:
    Melbourne
    it will be a requirement from all the dealer to submit all the dealing/sales to ATO, then we will all be audited based on the volume.. i can see it coming..
     
    long88, May 18, 2013
    #13
  14. Lunardragon

    Lunardragon Well-Known Member Silver Stacker

    Joined:
    Oct 19, 2011
    Messages:
    3,968
    Likes Received:
    76
    Trophy Points:
    48
    Location:
    Land of Nineth Dragon
    Then buy private from SIte Sponsor.
    There are 101 ways to Rome :p
     
    Lunardragon, May 18, 2013
    #14
  15. wrcmad

    wrcmad Well-Known Member Silver Stacker

    Joined:
    Jan 2, 2012
    Messages:
    6,644
    Likes Received:
    1,502
    Trophy Points:
    113
    Location:
    Northern NSW
    Aaaahhhh.... them preciuos metals.... mate, dem metals ain't precious. I bought dem bloody stupid lookin' chinese dragon coins.... turns out I got ripped off mate, and dem coins said they were only worth $1, so I spent 'em at the pub. :)
     
    wrcmad, May 18, 2013
    #15
  16. wrcmad

    wrcmad Well-Known Member Silver Stacker

    Joined:
    Jan 2, 2012
    Messages:
    6,644
    Likes Received:
    1,502
    Trophy Points:
    113
    Location:
    Northern NSW
    Yes Mr Tax Man, I purchased quite a few bars this year.
    Here they are! Nice, aren't they!
    How much are they worth now, you say?

    [​IMG]
     
    wrcmad, May 18, 2013
    #16
  17. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

    Joined:
    Jun 18, 2012
    Messages:
    4,656
    Likes Received:
    72
    Trophy Points:
    48
    Location:
    NSW
    Luckily I lost all my PMs in a tragic boating accident
     
    Caput Lupinum, May 18, 2013
    #17
  18. JulieW

    JulieW Well-Known Member Silver Stacker

    Joined:
    Oct 14, 2010
    Messages:
    13,064
    Likes Received:
    3,292
    Trophy Points:
    113
    Location:
    Australia
    Simply convinces me that a giant reset is on the horizon and gold will be a big part of it.
     
    JulieW, May 18, 2013
    #18
  19. adze67

    adze67 Well-Known Member Silver Stacker

    Joined:
    Mar 26, 2011
    Messages:
    4,913
    Likes Received:
    3,216
    Trophy Points:
    113
    Location:
    A Galaxy far, far away...
    I "accept at value" whatever crud they chose to come up with...
    And if they can produce the "signed by both parties" contract to support their claim, I'll be happy to honour my "agreement"...
    Otherwise...turtle off...with all due respect ;)

    *edited for spelling...*
     
    adze67, May 18, 2013
    #19
  20. iceblue

    iceblue Well-Known Member

    Joined:
    Nov 10, 2011
    Messages:
    2,954
    Likes Received:
    110
    Trophy Points:
    63
    Location:
    South Gippsland Bullion
    I can see them wanting to TAX silver - GST style thats for sure.
    Bullion dealers have massive turnover but dont pay GST on most things.
    If they do put a GST on silver, we will dump it. Wont bother with it. Liquidate all holdings before the rule comes in.
    If ALL the bullion dealers done the same thing their forecast revenue would have yet ANOTHER hole in it.
    Have all the bullion dealers got the balls to do it tho? We would need investors to shy away from it.
    As long as the books are in order we have nothing to fear except yet more taxs to fill the void.
     
    iceblue, May 18, 2013
    #20
Page 1 of 4

Share This Page