Never sold at an exchange - what happens

Discussion in 'General Precious Metals Discussion' started by Skyblues, Feb 1, 2021.

  1. Skyblues

    Skyblues Member

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    Hey,
    Never sold at a dealer such as Adelaide Exchange Jewellers before. What happens, say when you want to cash out a $10k worth silver?

    1) Do they wanna see the purchase receipts?
    2) Do they report the transaction to the ATO over a certain amount?
    3) Do they tend to give a cheque or cash?

    Some practical insights will be appreciated.
     
  2. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    At very least they will want ID, probably want to bank transfer to you, wont need receipts
     
  3. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    Anything over 10k is reported to the ATO. You will need to provide ID to the purchaser.

    Ummm bad wording! Dealer I mean.
     
    Last edited: Feb 1, 2021
  4. Skyblues

    Skyblues Member

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    Thank you. Is that a cumilative amount on the same ID? Active for a week or a month or so? Or is it $10k per day sort of a calculation?

    Also, didnt the SS forum have a sell/buy section before, can't seem to find it...
     
  5. Jason1

    Jason1 Well-Known Member

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    best to sell private mate unless desperate for quick exit
     
  6. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    One hit
     
  7. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    Sell here it will move fast no ID needed fresh cash at ya bank. But forum rules you may not like... Your trade history is 0 so the buyer may want you to post or F2F first. I can go escrow for you in Perth at no charge to you if you wish. Can get anyone on the forum to vouch my integrity if need be.
     
    Last edited: Feb 1, 2021
    SilverSurfer77 likes this.

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