Buying precious metals anonymously these days is getting harder.

Ag bullet said:
Or are casinos 'to big to fail'
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Yes, casinos dedicated lawyers sections…thus, harder for ATO to ‘dip’ their hands to….where small ppl like us, ie. citizens, ATO knows that we don’t have the ‘bandwidth’ to challenge them, thus, most of us will pay it as we dont want the hardship of fighting ‘head-on’ with ATO….we’re the ’easy prey’ category…
 
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^^^^^^^
Lets ask Peter V'landys of Racing NSW what he has to say on the matter.
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No worries folks. The government will stop asking questions after they roll out CBDCs. :eek:
 
Michael from Bullion now said on last Fridays You tube segment that unless it is 10K or ore they do not report buys or sells to AUSTRAC.
 
dollars said:
Hi BC. In a nutshell they already have all your details and especially so as you pay through your bank! The only thing you have to lose is access to cheap bullion.

I am not sure if your details are directly sent to the govt. As I understand, dealers could confirm, KYC details are recorded to comply with any audit that may be carried out to ensure AUSTRAC compliance. I believe “Iceblue” has been through the bureaucratic ringer and most dealers would prefer to err on the side of caution to satisfy any business terms enforced on them by various government agencies.

Having said that I share you sentiments regarding our general loss of privacy.
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Details are not sent to austrac/gov unless its $10k + then you fill in a report, OR as a dealer you suspect a customer is trying to launder money or avoid KYC protocols in some way, then you fill in a different type of report. When ID is asked for with purchases of $5k or more it is stored, not reported again unless the dealer suspects the customer is up to no good. If you buy online or have any type of online account your details no matter how much you spend can be asked for in an audit from the ato or austrac.
Once these agencies have your details they can then be cross referenced between government agencies and also other bullion dealers who have had recent audits. So if you have accounts at say 5 different dealers and you think you can get away with buying for example $3k of product from each to skirt the $10k reporting you may get away with it in the short term - but eventually they will catch up with you. Even buying and selling large amounts here on the forum or even facebook, there are ways to find out who you are, dont think for a minute they wont come after you, if they want to they can get to you. The old boating accident wont cut it when they come knocking, that is a failure on your part to not keep records, talk tough behind the keyboard but when people are faced with thousands of $$ in fines people will shit themselves.
 
Thats cool, only quoted him as he referenced me but the post is directed at everyone.
I will also add that with the recent up tick in spot prices, which are quite significant especially with gold, that CGT obligations could be flagged with some sellers.
Remember always that the ATO had pulled my posts and were quoting me word for word. They watch the forum and other trading platforms.
 
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