There are coin shops and gold & silver dealers, including the currency exchange offices that take PM's. You just bring your bullion there and swap for money. Is that an income? I think it's like a swap/exchange. Unless you're rally hoarding tonnes... that might be a different issue.
The explanation of the law department of the central planning thieves for tax on precious metal (notably silver) is this: "not any speculator or saver acquires something without the intention to achieve profit in currency, which cannot be done without future trading of it." Note the word combination "profit in currency". They don't say "profit", but "profit in currency". The reason is obvious: to evade the denominator purchasing power. They replaced what actually matters, with a mere mathematical comparison. If the price of a house doubles over a decade, and one buys an inbetween asset like silver in the storage of value role, and the price doubles with the house, then aboves law allows the tax department to measure, and tax, a 100% profit, while the one that stored the value in the other monetary asset, has just the same house purchasing power he had the decade earlier. Conclusion? It's not tax on profit, it's tax on evading their theft. Or end to end: succeeding the theft still. So, just treat the State guys as thieves, and act like any potential victim should act: make it as hard as possible for them. The more effort they need to do, the higher the price tag that hangs on it, and the less it leaves for them to pocket.
They probably work together with Australian govt lol. Recently I came across the words "harmonized sales tax" when I was searching in relation to Royal Canadian Mints $face value for $face value coins. That's Canadian law. Well, they "harmonize" everywhere, including in my Euro region cases. Every year more. If private companies do this they would sue them for price agreements / fixing. But they do the very same, only that they sticked a nice friendly buzz verb on it: harmonizing <flowers and bees chord>
So you dont pay income tax on your earnings and VAT/GST on all your purchases? And you buy and sell 75 grands worth of precious metals in one financial year as a hobbiest collector of PM,s?
If you swap it for money it is an income. Whats the difference between swapping one of your houses emptiness for rent money and swapping over $10,000 worth of Pm,s for money? Nothing, its an income or loss and taxable as such.
As long as its less than $10,000 per transaction then they wont! so you have to ask why is the op asking?
The Australian rule about collectibles acquired for under $500 each being able to be sold CGT free may still be in effect - you would have a very hard time arguing with the tax office though that a coin bought GST free due to it being considered in an investment form by the ATO is a collectible - they would rule it an investment. More applicable to sovereigns and Melbourne florins than a roll of Kookaburras.
I thought I had a few, but I put them all on a spreadsheet with their individual serial numbers, only to find that they were all counterfeit. Each one had 1966 on it. So I must presume I only have one, the rest are worthless.
