Cashing out and CGT??

Yippe-Ki-Ya said:
with the cr@p way that silver has performed over the last couple of years i unfortunately had to unload all of my silver at a loss.

if you don't believe me - get stuffed! :lol:
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It's OK. You can buy it all back when it hits $100. Then sell it shortly afterwards for a small loss.
 
whinfell said:
One thing I've been reminded of when reading through this thread is the need for an 'Exit Strategy', that is how, when, and in what circumstances do you intend to dispose of your stack?

If you've bought numis/semi-numis at less than $500 (each or as a set) as a collector, and sell them at less than $500, then they should be exempt for CGT purposes. If you've bought bars and rounds, they are probably not considered as collectables by the ATO, and may be liable for CGT (and the CGT discount if held for more than a year - for which you should keep records).

For the OP - you might consider getting advice from a tax agent/accountant relevant to your personal circumstances.
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damit, so the best thing to avoid CGT is to buy gov minted coins? so 1oz gov minted coins because 10oz coins will easily eventually go for over $500... but "collectable coins" are CGT exempt so 10oz coins will fall out of the stay under $500 category but still stay in the "its a gov coin" category so either way, i dono ...yeah i gota see a tax agent (who will most likely have less of an idea what im talking about than what i do) lol
 
ego2spare said:
i dono ...yeah i gota see a tax agent (who will most likely have less of an idea what im talking about than what i do) lol
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This is more accurate than you think!
 
ego2spare said:
but alot of my buys were bank transfers :( . yeah if i did this and cashed out of silver at a high price they would see that i have made 20k cash withdrawals from my bank account but for some reason i have 100k.
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if other prices also fivefolded, then you had no profit at all, regardless bank transfer, cash, bricks, whatever.
If other prices didnt fivefold, then you had a profit, and wanting to escape the govt attempt to grab a part of this profit for nothing (dead metal), is giving them the excuse to grab more.
It's not harder than this.
Aside of this, if you just exchange silver for what you really wanted, no other currency inbetween step, just silver currency alone, then measuring profit becomes harder. Making govt harder to measure, makes it harder for them to tax / find excuses to tax. Based on govts own treatment of silver as a consumed/industrial product. They tax silver purchases dont tax gold purchases. Taxing such a later exchange would mean taxing twice.
 
ego2spare said:
Austacker said:
As long as you buy in smaller amounts the sell price doesn't matter. From a lot of information on here it seems by keeping the buy price under the $500 value this allows you to keep 100% of the gain. How you do that is up to you. My $0.02c and interpretation.
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so if all my purchases under $500 from now on and all that have been under $500 are tax free, no matter what the price goes to?? what is that called? "small..personal interest/hobby gains tax free threshold?"
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If you think the ATO is going to treat bullion coins which trade with no collectible premium and which are classified as investment for the purposes of GST rules as a collectible/private use and allow you to claim that because each of them cost under $500 you don't have to pay tax on your total investment of $20,000 and they are going to be scared of some out of date 1987 case then you're dreaming.

Strongly recommend you get real and don't try and be a smart arse bush tax lawyer. If you have a reasonable amount of metal and want to try this on then get proper tax advice.
 
You can always move it all to New Zealand before you cash out. There's no CGT in NZ. And because bullion doesn't have sufficient ties to Australia (e.g. like real estate or Australian shares) you shouldn't be liable for any CGT in Australia.

You may need to live in NZ for a while to do this.
 
just find someone who will buy the coins off you and list them as brittanias, i.e. CGT free.

he's buying them at melt at 100$ and oz anyway.

k, just realised u were in oz. my bad....

but is there an Oz coin thats CGT free? maybe you could list them as that to your buyer.
 
Just get your parents to sell it and gift you the money. Assuming they are pensioners with no income already. They are entitled to certain amount tax free per year.

Slam

PS: Actually there are other options too. The options are endless, its amazing what you can do when the value is in the metal itself rather then phoney papers or digits =D.
 
Slam said:
PS: Actually there are other options too. The options are endless, its amazing what you can do when the value is in the metal itself rather then phoney papers or digits =D.
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If someone were interested in such things, where would one go to find out more?
 
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