Comparing CGT on a share (which clearly can have value added or taken away from it) with bullion (which can NOT have value added or removed) simply shows your extreme level of ignorance! :lol:
the tax in not on silver, but on the paper itself. if one keep on swaping back and fort gold and silver, started with 1 oz of gold then over a long time he ended with 3 oz of gold, how to show he has made the paper gains? he haven't even traded yet so no gains here tax agent buddy, move on.
Neither does a house, but I don't see you picking at it. Once again, what's convenient for your story. Bullion certainly can have value added to it, denying it is you showing your ignorance not mine. A simple test would be if 99% of the gold in the world turned to dust, that 1% will be worth an insane amount. That's the value added to it. Value is what people are willing to pay - same as stocks. Something doesn't need to grow or produce to gain value - there is more than one factor in determining it. The fact you just said bullion can't have value added to it makes me laugh - what do you think the spot price is? If your 1oz of gold shoots up to the point where it can buy you a house, then it's gained in value.
Actually a house can indeed have value added to it - unlike bullion. Again showing your ignorance. And once again - NO - bullion cannot have valued added to it - and your dumb example of vaporising all the gold in the world bar the 1 ounce you're holding is a retarded example, thousands of years of history have shown that gold and silver have on average retained their buying power through the ages - buying no more and no less goods and services through the ages. It's probably better if you bow out of this one, as you just make yourself sound stupid each time you comment here. In a nutshell - you're talking cr@p!
none sense, swapping from a $50 gold eagle into 50 pieces of $1 silver peace dollars is not a taxable event. making a change in the bank is not taxable
Reign it in Yippee. "Barter" (in Australia at least) is considered a transaction that can trigger a CGT event. Barter can also create GST issues - e.g. if you did a gold/silver ratio swap with a dealer, and used GST-liable gold like sovereigns, there's a GST event as well.
Bow out to your retarded logic? Hardly. Considering you don't have a very good imagination, how about the fact that when all the gold mines run out of gold and the human population doubles? The rarity just shot through the roof, giving gold major capital appreciation, *adding value*. Your too-many-youtube video claims of it buying "no more no less" is an uneducated claim, anyone with half a brain can see a hole in this. Gold was about 900 in 2009, now it's at 1700. Unless you are stupid, you can easily buy almost twice as much with 1700 than with 900, 3 years later. This already craps all over your claim of "no more no less". That is capital appreciation, same as everything else.
if silver has a tax, there will be coin clipping. (paying taxes with silver bars/coins) the tax is paid using paper currencies, so the government central bank's lien is on the paper and has a claim on the silver, not tax on silver itself. if one can cut off that lien's link (almost said it alien's link) then will be a pain to get paid in taxes for the government.
Hey Gimpy, If you are ever up this way looking at your potential orchard let me know, catch up meet and have a beer. The first Hunter Valley Stackers meeting maybe?
Same thing in the US. Unless the barter qualifies as a like kind exchange, it is a taxable event and gain is recognized. Sales tax could also be applicable.
yeah, I know all that, say one has 1k paper, then bought silver bars and some 90% silver coins, later on mixed them and sell some of them , and how to count the gains? does the silver quarter which may change hands counted as a 25 cents? or silver value? and there is no tax on cash just a nice way to save it.
If you can get it insured and its a legit situation you could be covered. Dont know about using the loss if not insured though. You wouldnt need to. Scorp
Rock on EJ - Agree totally - If you make the gain, take the pain - just minimize the pain by whatever innovative (& legal) route one can. VRS x
Check previous posts champ, or go to the ATO website and look up capital gains tax. It's to late and I'm to tired to work right now. The info is all there though. Most of the good posts on the 'tax' topic cover the issues pretty well.
If you have big balls, legally you don't have to pay tax at the moment. Its actually treason to have dealings with a defacto government. Which is what we have when Gillard hasnt sworn allegiance to the Crown.
If it's pure bullion 999+ no tax Anything under that 10% GST applies Except 999 + proof 's & collectable coins also attract 10% GST
