How much CGT is charged in Aus when gold is sold?

Yeah just to reiterate what has already been said here, capital gains and losses just get added onto your personal 'taxable income' at the end of the financial year. If you owned it for over a year you only need to add 50% of the gain to your income. All this said, you need to declare the gain to the ATO or your accountant. Even a private sell is taxable by law, you need to declare it if you want to stay within the law. Exchanges that do not involve fiat cannot be taxed but there is technical details about the capital retention, I can't remember the details. Most accountants will advise on these tax laws for free over the phone.
 
boston said:
Consider the following ruling regarding intent.

http://www.austlii.edu.au/cgi-bin/s...5.html?stem=0&synonyms=0&query=bookmaker gold
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Interesting:

For these reasons we are therefore satisfied that, on the facts in this case, on the balance of probabilities the intention of the applicant at the time of the purchase of the bullion was to purchase it as a long-term investment and that the predominant purpose of that long-term investment was not sale for the purpose of profit-making. Rather the applicant's intention was to retain the bullion as part of his long-term investments, as security for himself in case of future need and for his family on his death. The bullion would only be sold if a number of contingencies occurred (para 15).
For these reasons therefore we consider that the decision of the Commissioner should be set aside and that in lieu thereof substitute a decision that the said $20,422 is not assessable income within the meaning of s26(a) of the Act.
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sammich said:
this is why you buy/sell privately =D
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+1000

VVV this should answer any more questions you have.... :D

4088_papershredder.jpg
 
I've been looking over some of the CGT posts and note a lot of people advocate buying/ selling privately.
If you elect to go down this path fine...but...what is one party is audited and it comes out in the wash that the party was selling or buying "off the books" so to speak and they kept personal records for all transactions. Next thing you know the tax man is onto everyone on the list and it's audits all round and please explain.

Has anyone ever heard of anyone getting done for non declaration of CGT or getting audited with an outcome that sees non-declaration of these asset sales getting picked up??

Cheers, Gollum...
 
Fortunately, vast profits are unlikely this week.

Poison pills and flash envelopes will be automatically sent out when Silver reaches $100, and gold reaches $5,000.

Don't worry; we know who you are and where to find you.
 
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