Gold loss can it be claimed on tax return Australia

Discussion in 'Gold' started by Feduptryingnames, May 5, 2020.

  1. Feduptryingnames

    Feduptryingnames Member

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    This is primarily for Australian residents.

    I'm not to clued up on tax here but if I made a loss in a gold purchase and subsequent resale can I claim this back on my tax return.

    Thanks,

    James
     
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  2. Oddjob

    Oddjob Well-Known Member Silver Stacker

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  3. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    You can claim a capital loss and offset it against any capital gains you made. Apart from that no.
     
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  4. silverhair

    silverhair Well-Known Member

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    assuming you have receipts and did not purchase from somewhere like SS.....
     
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  5. SilverDJ

    SilverDJ Well-Known Member

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    Not against your regular income. Gold losses are the same as share or property or other asset losses, it's called a capital loss.
    You can only claim capital losses against capital gains.
    So say you lost $1000 on a gold investment, and you made $1000 profit selling shares, you'd pay no tax because it's offset that full amount of gain.
    The good thing about capital losses is that they can be carried over indefinitely, year after year, it doesn't expire.
     
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  6. Ag bullet

    Ag bullet Well-Known Member

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    if you made a capital gain..........you purchased from SS
     
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  7. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    If you made such loss that is worthwhile for you to write down capital loss on your tax claim.... you're brave.. cause ATO will love you for it as they can track down taxpayers who hold these gold.. when got runs out of money (soon) they'll know which house(s) that they will knock doors on and ask to handover those gold...better still, put all your precious metals in one of those 4 banks' SDBs, it's easier for gov to take them without your approval


    Good luck to 'claim' on mere losses on your claim,ATO will thank you for your honesty.... just like all our politicians who have been 'absolutely' honest to us on most of these times, especially during election times
     
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  8. heartastack

    heartastack Well-Known Member Silver Stacker

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    Yeah I think most people who stack gold here do it outside of any banking or government system. Unless it’s multi multi millions of dollars but then I guess you would have an army of financial advisors already in that case
     
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  9. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Ignore this advice.

    The government will not confiscate any gold. They don't need it.
     
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  10. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    Dare you to put your bars in banks' SDB and wait
     
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  11. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    There’s nothing to dare. I’ll repeat it again, the government doesn’t need gold. If you disagree, then explain why a government would want gold.

    My concern is when Central Banks realise this and start selling off their holdings.
     

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