How do u minimise amount of tax when u sell silver at a profit?

P

primaticves

Member
Hey guys been stacking for a few years now. My plan is simple build my stack and when shtf i sell my silver and buy assets. Now I would like to know is there anyone who shares the same plan as me know anything or how to minimize the amount of tax I will have to pay??

My idea is when i sell my silver a large amount of money will be deposited into my account and so the government is gonna want to know where this money came from and will want their share in taxes. So I'd rather do it the right way when i do have to pay tax on it i can at least minimize it. I have heard that there are ways to minimize the tax on a capital gain?? Also from memory sale of aussie coins dont incur tax (i could be wrong)?

any info would be great! Thanks
 
There is a 50% discount on capital gains when the asset has been held for 12 months or more. Pays to be very aware of that.

Also, any costs of acquiring the PM's are able to be offset against any gain ie. postage, insurance, interest costs etc.

On an somewhat unrelated note and speaking hypothetically I suppose it would be possible for someone to sell their PM's f2f for cash. This cash could I assume be stored in the same safe place as said PM's and used to pay for cash expenses.

I wonder in that situation how the ATO might track said capital gains?
 
boyracer said:
There is a 50% discount on capital gains when the asset has been held for 12 months or more. Pays to be very aware of that.

Also, any costs of acquiring the PM's are able to be offset against any gain ie. postage, insurance, interest costs etc.

On an somewhat unrelated note and speaking hypothetically I suppose it would be possible for someone to sell their PM's f2f for cash. This cash could I assume be stored in the same safe place as said PM's and used to pay for cash expenses.

I wonder in that situation how the ATO might track said capital gains?
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And what? Starve the parasites of revenue! Shame on you.
 
boyracer said:
On an somewhat unrelated note and speaking hypothetically I suppose it would be possible for someone to sell their PM's f2f for cash. This cash could I assume be stored in the same safe place as said PM's and used to pay for cash expenses.

I wonder in that situation how the ATO might track said capital gains?
Click to expand...

Tut tut! :o You may be in for a pelican whipping!
 
Posting something like that is nearly as worse as your sister marrying a Kiwi.

It's just wrong.
 
not a bad question except on this website. what do you think is going to happen to all of our privacy when buzz words or phrases come up on their radar? I don't have as much to worry about with most of my assets in the US (mind you, I have my own potential problems to worry about) but I'm sure that 75% of the forum members here (Australians) would just rather not have things like this discussed. Same with g*ns. If the cops or ATO asked the admin for data, they're going to ask for everything.
 
"Of course I am minimising my tax. And if anybody in this country doesn't minimise their tax, they want their heads read, because as a government, I can tell you you're not spending it that well that we should be donating extra!"
 
rick_au said:
"Of course I am minimising my tax. And if anybody in this country doesn't minimise their tax, they want their heads read, because as a government, I can tell you you're not spending it that well that we should be donating extra!"
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I loved Packer.
 
Keep your purchases under the threshold and you have nothing to worry about. Regardless of the profit down the track. Any rule changes regarding this would need to be dated accordingly. In which time someone here would have alerted us to ruling proposal changes.

Otherwise hold for at least 12 months keep records. I do this for my SMSF which is no problem it pays the fees anyway, which are less than before so in front regardless.
 
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