Cashing out and CGT??

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ego2spare

Well-Known Member
ive been buying silver for a while and VERY slowly. And I don't have all my receipts for all the purchases. i cant even remember where i got alot of my silver from o.0 just off the top of my head i probably have 40-50% of all the receipts from purchases. ive gotten lot of silver off ebay and some private sales where no receipt was exchanged. My question is if silver goes to $100+ an oz how do i cash out? Everyone always talks about buying land and real estate but if i took all my silver to a dealer and cashed out and i ended up with 100k or so, i could buy NOTHING. Unless I declared my capital gains tax on it. i know some people here would say "they lost all their silver in a fire" or had good casino winnings but seriously think about it. A lot of people have bought silver here and there, done private sales, ebay sales and have been doing this for years and cant produce receipts just like me. so what is your plan? You CAN'T cash out to realestate, you probably cant even cashout to a second hand car if silver goes "to the moon"... buy a car wash like in breaking bad? lol
has anyone ever cashed out here and had this problem? how did u sort it out? is there a legal way to sort it out? (Obviously u would have bought back in cos your sill here lol)
 
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.
 
Read it but not sure why you don't think you can't cash out to RE or 'buy nothing' with your $100k... You'd cash out as you would now- sell it on the forum, eBay, dealer etc.

Firstly I wouldn't be cashing it all in at one dealer, fly under the radar a bit more by spreading out the sales. If silver is going to $100 we'll probably be in a whole heap of sh*t which means there'll be plenty of panic/To The Moon buyers so you wouldn't necessarily have to go to a dealer. In saying that, I've dealt with some that will pay cash if they have it.

No questions were asked when I paid cash for my car at a car dealers last year. Can't see why that would change. Unless you look like Vicki Pollard, then they'll be flagging you.

In the UK there's no CGT on legal tender coins such as Sovs so probably the same here in Aus. You're exchanging one legal tender for another... that wouldn't trigger CGT.


Relatable thread here

Oh and what silver?
 
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?"
 
Not that I would endorse such a thing, but opening a shell company bank account through HSBC Panama where there is still discretion (for now) and no CGT is an option. The ATO does frown upon such things though.....unless you're a large national company.
 
I just wish I had the money to buy silver :( I did buy some once but I gamble and I spend to much money on classy "ladies" so I am now nearly broke :(

If I did have silver and sold it for a profit I would tell my accountant and pay the tax on it.......
 
You can exchange silver for anything else, just like any product, it requires two people agreeing to exchange.
As legal or illegal as any exchange of any product.
 
If you earn a taxable income and have taken it out to buy silver you can explain to the government where you got the cash from when you cash out silver. Just say you cashed in your silver for $100,000 and you are questioned on it. You just say you didn't trust banks and were keeping all your cash stored in a safe. You will have proof that you earned this income and bank records to say you withdrew your own money. You just say you held on to the money you withdrew. There is nothing illegal about withdrawing your own salary and stashing it somewhere in cash form.
 
silver kook said:
If you earn a taxable income and have taken it out to buy silver you can explain to the government where you got the cash from when you cash out silver. Just say you cashed in your silver for $100,000 and you are questioned on it. You just say you didn't trust banks and were keeping all your cash stored in a safe. You will have proof that you earned this income and bank records to say you withdrew your own money. You just say you held on to the money you withdrew. There is nothing illegal about withdrawing your own salary and stashing it somewhere in cash form.
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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.
 
i googled what austacker said and found this

Australian CGT Exemptions:
Collectables acquired for up to $500. This includes art, jewellery, stamps, etc., held for personal enjoyment. Items normally sold as a set must be treated as a set for the $500 limit. If collectables sometimes rise in value then this exemption can be an advantage to a taxpayer collecting small items.

These ARE collections are they not? this IS for personal enjoyment, i love being a SS. kooks, lunars, ASE have dates and we collect them. i dont own anything over 10oz so not one single piece cost me over $500... it would be hard to prove my 10oz perth mint coins are not collectables..but more difficult with PM 10oz bars... some of my bars have serial numbers im trying to collect all those numbers! lol
 
"but alot of my buys were bank transfers"


Interestingly, I went into the CBA a few days ago to pay in $790 cash to a suppliers account. As a test I handed her a small slip with the name and account details, and nothing else.

She accepted the cash, keyed in the transaction, and handed me a printed receipt.

OC
 
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.
 
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:
 
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:
Click to expand...

Wow Yip. Man that sux.
 
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