If a gold and/or silver buyer took cash to each of say 3 dealers and bought $4500 worth of stuff and did the same thing every second day for 6 months, would the government be any the wiser? If they ask about the withdrawals, he is just another customer of Crown Casino. OC
Depends whether the intention is to take existing wealth out of the system anonymously or whether its to ensure new found wealth never enters the system in the first place. I would assume that if the ATO is becoming interested in bullion, they'd be looking at income tax evasion by people ploughing undeclared cash earnings into precious metals and also capital gains tax evasion by people who've made an undeclared profit from selling metals i.e. both inflows and outflows.
I prefer to keep multiple bank accounts with minimum balance. I think I have an account with nearly every bank and credit union that offers fee-free accounts. I make a token deposit and withdraw every few months to keep them going.
I imagine part of this is preventing what the ATO might call 'excessive' capital losses given the decline in value of precious metals, and the application of those losses to other capital gains made in the wider economy. How easy is it to falsify receipts for sales of your PMs All this talk just makes me think that the costs to acquiring precious metals I've incurred (postage, education eg Mike Malones' book, storage) will be included in my tax deductions after all. I previously thought it was a small amount so irrelevant but if they're going to stick their noses in, well stuff them. Here are my deductions and capital costs incurred in acquiring investment vehicles. All this talk of boycotting silver if GST is applied. The ATO and government don't care, there will still be a huge market to apply GST to, even if it is done unconstitutionally. And you'll just exist without the silver you love, AND the gubbmint will take the earnings of others in tax anyway.
when greed and fear sets in... you wont care whether there is a tax or not.. you just know that you will want to make profit, or PM that you buy today will be worth more tomorrow.. or fiat will become toilet paper tomorrow.. you pay whatever to get into PM.
GP: How likely that database corruption occurs ? raid card faulty etc.. or hackers got into system and wipe everything. no backup is available because hackers wipe the backup as well including all system log. i hope those occurences happen every now and then so all records destroyed..
I have made a conscious decision to legitimise my stack by selling all non-receipted silver and replacing it. I think one day we may need to provide proof that it was paid with taxed and/or legal money.
I've got a bunch of silver that was given to me by my grandfather before he passed. Mostly 1966 50 cent coins, and some really nice older bars (50oz, and 1kg). I'll be stuffed if I'm going to sell it all then buy it back, just so some gov numpty can look at a piece of paper.
If silver was $1000 an ounce there might be something worth investigating, if not the ATO might find itself giving money back from losses :lol:
Okay iceblue, what's with all the bumps on ATO related threads? Not that I'm complaining about issues potentially affecting members being brought to their attention.
