Well Mr. ATO agent, this is my sad story. First it was gambling at the casinos and high-class hookers. Then I transported the rest of my pms in two boats. The first boat sank, but the second made it across the water. Then the flood came and swept it away too. Now I am forced to live in my car. Sure it's a Rolls Royce, but I am homeless. While we are doing my audit, can we also work on my welfare benefits too?
Will SilverStackers then have a "Swap for Stuff" section. eg: 1 x 35ft Bertram, swap for 5 monster boxes 1 x Plasma TV, swap for a Hummer Wonder how that'd go down.
1. Ex-Wife - what silver are you talking about? 2. Bankruptcy trustee - no silver here, move along 3. ATO - silver? whats that? 4. Creditors - silverrr.... that means 25 years of marriage doesnt it? 5. Centrelink assets test - aint got none of that 6. Want a civil case - can't take what i dont have. Dont get many investments that are so protected from others as precious metals that also have potential for growth overtime. Property, shares, bonds etc can all be "got" by those listed above.
Like Boston, I have been looking over the Constitution (I actually start on his posts on another thread last year.). First thing I found that was not many lawyer\legal type people know much about constitutional law, most of what they perform is contract law (I work for a bank, that that makes sense). From what I have read, CGT is only applied on buying \ selling assets, principally on the change of value of those values (i.e. your profit). What We find in the constitution, tax rulings and recent tax changes all indicate that it appears the ATO will not contest us. I have this belief for these reasons: 1) There was an ATO ruling (thanks Boston) that indicates that a Citizen purchased gold as an inflationary hedge, i.e as something thats does not 'change in real value, only nominal value'. This is probably EXACTLY why most people buy PM's. To get off the inflation-go-round. This is a VERY nice case to break the ground for us. 2) Under section 115 (If I recall) Gold and Silver can be used to pay taxes. Only Legal tender can be used to pay tax, hence Gold and Silver are legal Tender. Following this line of logic, changing one legal tender for another does NOT attract CGT events any more than swapping a hundred dollar bill for two fifties would. 2a) Since you cannot pay taxes on swapping legal tender for legal tender, GST would also not be applicable. This can be seen in the distinct lack of GST on all +.999 products (There is legislation in fact that specifies what classifies the purity required to avoid taxes, presumably it would be logical to extend this as the 'Purity of legal tender' 2aa) The only except or Grey area I have found in this area is in non Gold\Silver PM's like Platinum. This is GST exempt, but is not regard as far as I can see as Legal Tender whereas Palladium DOES attract GST under legislation. I would love for someone to correct \ extend this post. I'm sure we'll stuff a copy away for a rainy day. It appears that if you are 'on record' making the purchase, of those people the ones purchasing the PM for anti-inflationary preservation reasons(contested and won), who would likely also be hold legal tender (to be contested) would be in a relatively safe CGT free position.
Thanks for posting this! Are you indicating that only coins are exempt? but bars of any shape of form are not?
"Dont get many investments that are so protected from others as precious metals that also have potential for growth overtime. " Look in to an SMSF. You'll be amazed by how you can acquire PM's, at 15% tax on your income(contributions), then have it protected from everything except bankruptcy. (In that case the value is preserved, but if APRA doesn't accept the asset as in 'small fund' they you need to cash in. SMSF is protected from everything except the other members (who as trustees, should have a division ofassets argreement of ownership in place prior to bad events occurring.) Unpaid bills? Getting sued? Unpaid loans? No problem. Downside... you can not buy a house with it... unless you buy a farm or B&B
Unless a hobby generates over 55 (or 75?) k no need to declare, looking at the spikes people probably have made that labor will just end up spending it on buildings for asylum seekers to burn down, sorry to go off on a tangent but im bloody sick of these people who brake the law, get treated with luxuries such as xbox's for personal use, and then say oh we are innocent we have done nothing wrong. bull*%#*- they are breaking our immigration laws. Let me ask all those people who advocate for them to be let straight into our community- do you think Japan or China would let us migrate? We can't even buy property over there- yet we are such idiots. House prices are a joke here as we let foreigners buy into all our assets You name it we dont own it, with labor in govt. all our assets will eventually be owned by foreigners and private companies...we are just starting to see the effects of Keneally's great move on electricity Send them back from where they came from and let them do it the right way I say, teach them a real lesson without costing us fortunes. Give our kids a real chance. At uni the other day in economics our lecturer brought up a slide which showed Aus' expenditure- let's just say everyone was flabbergusted by the amount allocated to welfare payments. These foreigners get on the boat, come over here, get on the dole straight away, and hey we have to pay for these blokes to get a free ride - just look to England to see our future.
Not sure. I'm just blossoming as a 'citizen'. Was reading referendums yesterday and looking in to whether a local council can even legally tax (rates) on citizens. Appears not, but because I want my bin collect I'll leave that be for now. The legislation, nor ATO case, nor GST legislation appears to make any distinction. Constitution only says 'silver' or 'gold' but des not go on to stipulate forms. Could be a 8kt bangle for all it cares. However, the GST legislation DOES care, so personally I would stick with forms that GST free. I can't remember exactly, but I think the number is something like 92.5% purity. (Possibly so it includes the 1966 50c coins). Nothing I read talks about coins over bars. I like bars better, due to tighter premiums. The Perth Mint guy had a conversation with FOFOA a few weeks ago, and with someone else I can't recall. He was talking about confiscation and suggested that there might NOT be added protection in using uncirculated coins as they are minted to 'legal tender' standards and printed with a value. Due to this in his article if I recall correctly he judged that bullion was less likely to attract the attention of a confiscation law as it minted to federal standards. I don't put a lot of weight in what was said and took it as a slight (read a few percent) difference in some unknown risk. From a tax perspective I'm yet t find any reference to anything except purity, and that's only for GST. "gimpy, is that the case involving the bookmaker?" Yes. I'm an IT guy, so don't know even where to start (outside google) to perform research. Perhaps Boston can pop in. What I can say is that the Constitution takes precedence over ALL other laws, and as far as I understand you need a referendum to change or overrule it. There is not much in the constitution, but it's a very nice trump card.
"House prices are a joke here as we let foreigners buy into all our assets" I have a better reason. Two people's income on every mortgage, mortgage to 'how much can I get' adds a much money to the market at the market can support. We have next to the largest private debt in the world. Take heart in this, this is a problem of our own making. If anything females in the workforce is a significantly larger factor, ading much higher purchasing power... for the same stock of houses (relatively speaking as houses mostly tracks population growth here). Personal advice, sell your house, buy PM's and bide your time. "Send them back from where they came from and let them do it the right way I say, teach them a real lesson without costing us fortunes." They don't bother me as much as the thought of a military invasion from our north does. They can be drafted based on legislation (I can't haha). If it makes you feel any better, the high AUD it making it REALLY difficult(as in inefficient) for foreigners to buy here, or to bring their money here. "At uni the other day in economics our lecturer brought up a slide which showed Aus' expenditure- let's just say everyone was flabbergusted by the amount allocated to welfare payments." They are not eligible until there are citizens. Again, dole bludgers are mostly aussies. I know, I grew up around Liverpool in Sydney.. the 'bad part' LOL... It annoys me too to be financially raped. I can't remember my last tax bill... 40 something or more. Learn about socialism. Learn about Libertarianism. Understand the psychology behind them. Then watch our leaders. Gillard, Rudd... Socialist all. We want to take your money, and know how to spend it better than you do. Why do you think I learn so much about tax law when I specialise in Datacentre Virtualisation?
Wow, that's a loose definition of a hobby. There's no official cutoff, it depends on whether it's considered "carrying on a business". Grandma sewing quilts and pulling $55k a year isn't a sewing hobby.
