Gold loss can it be claimed on tax return Australia

[Feduptryingnames]

This is primarily for Australian residents.

I'm not to clued up on tax here but if I made a loss in a gold purchase and subsequent resale can I claim this back on my tax return.

Thanks,

James

 

[Oddjob]

You should be able to according to this response from the ATO on same.

https://community.ato.gov.au/t5/Personal-tax-questions/transfer-of-gold-to-spouse-and-CGT/td-p/24804

 

[mmm....shiney!]

This is primarily for Australian residents.

I'm not to clued up on tax here but if I made a loss in a gold purchase and subsequent resale can I claim this back on my tax return.

Thanks,

James

You can claim a capital loss and offset it against any capital gains you made. Apart from that no.

 

[silverhair]

assuming you have receipts and did not purchase from somewhere like SS.....

 

[SilverDJ]

This is primarily for Australian residents.
I'm not to clued up on tax here but if I made a loss in a gold purchase and subsequent resale can I claim this back on my tax return.

Not against your regular income. Gold losses are the same as share or property or other asset losses, it's called a capital loss.
You can only claim capital losses against capital gains.
So say you lost $1000 on a gold investment, and you made $1000 profit selling shares, you'd pay no tax because it's offset that full amount of gain.
The good thing about capital losses is that they can be carried over indefinitely, year after year, it doesn't expire.

 

[Ag bullet]

assuming you have receipts and did not purchase from somewhere like SS.....

if you made a capital gain..........you purchased from SS

 

[bubblebobble2]

If you made such loss that is worthwhile for you to write down capital loss on your tax claim.... you're brave.. cause ATO will love you for it as they can track down taxpayers who hold these gold.. when got runs out of money (soon) they'll know which house(s) that they will knock doors on and ask to handover those gold...better still, put all your precious metals in one of those 4 banks' SDBs, it's easier for gov to take them without your approval


Good luck to 'claim' on mere losses on your claim,ATO will thank you for your honesty.... just like all our politicians who have been 'absolutely' honest to us on most of these times, especially during election times

 

[heartastack]

Yeah I think most people who stack gold here do it outside of any banking or government system. Unless it’s multi multi millions of dollars but then I guess you would have an army of financial advisors already in that case

 

[mmm....shiney!]

If you made such loss that is worthwhile for you to write down capital loss on your tax claim.... you're brave.. cause ATO will love you for it as they can track down taxpayers who hold these gold.. when got runs out of money (soon) they'll know which house(s) that they will knock doors on and ask to handover those gold...better still, put all your precious metals in one of those 4 banks' SDBs, it's easier for gov to take them without your approval

Ignore this advice.

The government will not confiscate any gold. They don't need it.

 

[bubblebobble2]

Ignore this advice.
The government will not confiscate any gold. They don't need it.

Dare you to put your bars in banks' SDB and wait

 

[mmm....shiney!]

Dare you to put your bars in banks' SDB and wait

There’s nothing to dare. I’ll repeat it again, the government doesn’t need gold. If you disagree, then explain why a government would want gold.

My concern is when Central Banks realise this and start selling off their holdings.