hi stackers this theory could become part of my endgame move, I have a very long time to nut it all out but I might aswell start. What are the rules in regard to swapping property? I get what you guys say about paying with gold $200 coins but I think it would help me understand if I had an example of other swaps, say: you swap 2 units for a 3x2 with a yard or for a yatch & 10kg of gold etc these scenarios must have happened, what was the technicalities of the transfer I wonder? Can you swap a house? What duty is involved. And if, (this is only an example of prices) If 400 oz of gold @ $1500 oz could buy you a $600 000 house but you used the face value of the gold coinage (say $200) & that's (400x200) $80 000, and only pay stamp duty etc on that price. I swapped an old car with my brother for a carton of beer (in the 80's), was told by motor vechicle registry that if it was a swap I had to put down the FAIR PRICE of the object traded as the transfer price. I didn't concern myself too much & just put down $1. I think it had to do with the govt transfer fee & computer needed some number(besides zero) to process. It wouldn't have set off any alarm bells such as if you undersold your house to a relative etc to advoid duty. Anyone got a clue? Gaz
True, that leads to other questions. If I cash out & add $10 grand, or 20-30-40 etc into my bank the tax man would sure be curious. How would I explain?
I'm starting to see the advantages of Perth mint for example, taking my details when I buy. If I cash out & the tax man gets suspect I can point out where & when I aquired some PM & makes all the little purchases (that I don't have a receipts for) more plausable. First time I've felt good about the govt having info on me.
What's your endgame? I want to cash out & use the $'s as a deposit on a house to get out of the rent trap. I think I would like to swap my silver into gold 1st depending on the gold silver ratio. But most of all I want a home, not an investment property, just somewhere to lay my hat. Maby if I time it right the property bubble would have burst & lots of people unfortunately will be hurting but I may be able to buy in & not feel the pain.. Gaz
Consider Perth Mint nuggets. Face value - legal tender, of $100 per ounce for 1/4, 1/2, 1 and 2 ounce coins. I see no reason why you cannot declare 100 ounces as a $10,000 transaction - it is! The ratio of market value to face value is around 14-1. However if you want the biggest bang for buck then stack sovereigns for property. Under decimalisation one pound (sovereign) is equal to two dollars. The market value to face value is well over 150-1. When the market corrects you should be able to buy a 3/2 house for 500 sovereigns which translates to a thousand bucks! You have to remember these coins are legal tender with face value - even sovereigns, they are still legal tender. Several years ago I attended a workshop in which a participant paid with a $200 coin (it seems pretty foolish now!). You are not being dishonest, it is the government who has been dishonest in failing to honour promissory notes since 1932(1952) and destroying the purchasing power of currency through inflation. The difficulty IMO will be more trying to find a vendor who will accept gold coinage for tender. Caveat - the State Government may demand gold coin for payment of stamp duty, but it is game over for them if they do as unions can turn around and demand to have their members paid in gold coin. More likely in such a situation the government will either attempt to directly tax or confiscate gold. Another way of dealing with stamp duty (which I have yet to validate) is to have the house owned by a trust, and simply change the trustees and beneficiaries, etc. However, I assume that this would first require a transfer from an individual to a trust which may result in stamp duty. You could also expatriate your gold to another jurisdiction and manage your wealth outside of Australia. If you're not familiar with the PT concept or "flags" then read up on it.
