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.....
     
  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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