Noob Question on tax on silver???

T

Trouta

New Member
Gday Guys, was hit by a question i didnt no the answer on today
Very new to collecting silver and i understand if its .999 there is no GST on sale
But a question was asked about tax on silver coins/bars
Do we have to pay tax on this stuff?? Or declare it at tax time?? Do we have to pay tax when we sell it as that is when we make hopefully some money or just dont worry about it at all??
I dont no
Thx Boys
 
profits get taxed via CGT @ whatever tax rate your income is... get 50% discount if held over 1 year.
 
Mmmmm.... lubing up for a pelican whipping... :cool:

"What they don't know...... " .... you can join the dots. ;)
 
southerncross said:
So if your unemployed in that year and sell ?
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I think your profit is yours up to $18,500 but you must still pay the Medicare levy (flood/fire/carbon/breathing/etc)
But maby you could claim some things?

I'm not an accountant & that's who you need to chat to.
 
So having bought my first stash last week i need to let my accountant no that i have purchased silver and then i only have to let him no when i sell it, keep records of what i paid for it and then records of my profit then he will slug me tax as per my income level im paying now working so best to hold it for over a year to at least get 50% reduction
 
Trouta said:
So having bought my first stash last week i need to let my accountant no that i have purchased silver and then i only have to let him no when i sell it, keep records of what i paid for it and then records of my profit then he will slug me tax as per my income level im paying now working so best to hold it for over a year to at least get 50% reduction
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That's kind of my plan. Only I will give him the receipts I have to give him. The big ones.
And only supply receipts at tax time, keep what you can under your hat until it is necessary to declare.
He knows where you live!
 
If you are not buying your silver through a SMSF or buying/selling it privately under 5K per deal then you should be able to just tade in and out of cash?
 
Kawa said:
If you are not buying your silver through a SMSF or buying/selling it privately under 5K per deal then you should be able to just tade in and out of cash?
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Yes you can. But if Ag goes to $100.. How do you explain the extra $10,000 - $100,000 in your bank account if asked or audited?
Any unexplained fiat can be confiscated under proceeds of crime act, or possible links to terrorism or any other excuse the government feels like using to take take take.

If you go buy a new car nobody cares but if they (the officials) ask you need to have an answer. Imagine explaining a house. Even if you say it was inherited etc there is death tax to pay, paperwork trail etc.

Kawa - you are the perfect person to dig up reference & ideas to disprove what I'm saying, I'm all ears as I would like to dodge what I can as much as anyone :)
 
I have receipts for all my purchases so far into my collecting and i think the government noes about it, had to give my full details because of some government anti corruption and money laundering registar. So if i hand my receipts into my accountant they now no how many ounces i own so fro m now on i tell them o i sold 32 ounce this year and then i bought 12 more and then i sold 13 more. Haha Geeze this is all new to me, trying to be good but i tell ya it was a lot easier for me when it was the colour green hahahahahaha:P
 
STC said:
Kawa said:
If you are not buying your silver through a SMSF or buying/selling it privately under 5K per deal then you should be able to just tade in and out of cash?
Click to expand...

Yes you can. But if Ag goes to $100.. How do you explain the extra $10,000 - $100,000 in your bank account if asked or audited?
Any unexplained fiat can be confiscated under proceeds of crime act, or possible links to terrorism or any other excuse the government feels like using to take take take.

If you go buy a new car nobody cares but if they (the officials) ask you need to have an answer. Imagine explaining a house. Even if you say it was inherited etc there is death tax to pay, paperwork trail etc.

Kawa - you are the perfect person to dig up reference & ideas to disprove what I'm saying, I'm all ears as I would like to dodge what I can as much as anyone :)
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Hold 1 oz to 10oz silver bars or 1oz Gold bars as a starting point.
 
If you want to buy something substantial such as realestate/farm/titanic II/small country etc once you've reached the moon and made a gazillion $ an oz you need to be able to account for it.

TPTB have more than one way to sodomize you and will use any means at their disposal, proceeds of crime alone puts all the onus of proof on the holder of large amounts of cash even now.

Best bet is to use the system as it stands, minimise your tax rate, go metal detecting, whatever *!!! but do not assume that you can just unload a few 100G worth of pm's in the future and add something of equal value to your asset list without bigbrother noticing.

Bank transfers alone will be sniffed out even if they are under the reportable amount as they look at totals over time. You might avoid the CGT but then come unstuck five or six years later under audit and then they wont even use vaseline on you.

All I am saying is think about it and plan ahead, look for the loopholes in the system and use them but keep an eye out for the mongrels moving the goal post's as well.
 
wrcmad said:
Mmmmm.... lubing up for a pelican whipping... :cool:
Click to expand...

Kawa said:
If you are not buying your silver through a SMSF or buying/selling it privately under 5K per deal then you should be able to just tade in and out of cash?
Click to expand...

Didn't take long did it ?
Kawa: Please don't offer tax avoidance as a strategy - it is illegal.
Just means GP is likely to close the thread - and for good reason.

Trouta:
This question has been covered before a number of times over the past couple of years.
Use the Search feature at the top of the screen.
What has been said so far is generally correct, but it gets more complicated if you are dealing with collectables.
 
If you are audited - you earnt 40k a year over 7 years but they add all deposits into your account & it is more than net wages. What will you say? Even the casino won't pay out more than $12,500 in cash from memory (lucky night!), they make a electronic paper trail for you to explain this mysterious lump sum etc in your own best interests. So don't bullshit & say you won it at the races etc. Doesnt work!
Some people sell winning lotto tickets for 20% extra because there is a market for it.
The taxman asks lots of questions, if you don't have a good answer he takes your $.
 
trew said:
wrcmad said:
Mmmmm.... lubing up for a pelican whipping... :cool:
Click to expand...

Kawa said:
If you are not buying your silver through a SMSF or buying/selling it privately under 5K per deal then you should be able to just tade in and out of cash?
Click to expand...

Didn't take long did it ?
Kawa: Please don't offer tax avoidance as a strategy - it is illegal.
Just means GP is likely to close the thread - and for good reason.

Trouta:
This question has been covered before a number of times over the past couple of years.
Use the Search feature at the top of the screen.
What has been said so far is generally correct, but it gets more complicated if you are dealing with collectables.
Click to expand...
Don't be a fool...if you read my posts I don't offer any advice on tax avoidance.

I have simply stated how the current system of Bullion exchange works.
 
It makes me chuckle that the widely held stacker mantra of Gubmint theft and Banksters is shouted out loud. We are clever! We are outside the system! All the sheeple are dumb! :lol:

...... untill you sell. Then everyone wants to hand it straight to the Gubment and Banksters again. Got me puzzled? :/
 
Don't forget some collectable coins purchased for less than $500 do not attract GST.

Collectables

Collectables include the following items used or kept mainly for the personal use or enjoyment of you or your associates:

paintings, sculptures, drawings, engravings or photographs; reproductions of these items; or property of a similar description or use
jewellery
antiques
coins or medallions
rare folios, manuscripts or books, and
postage stamps or first day covers.

A collectable is also:

an interest in any of the items listed above
a debt that arises from any of those items, or
an option or right to acquire any of those items.

You disregard any capital gain or capital loss you make from a collectable if any of the following apply:

you acquired the collectable for $500 or less
you acquired your interest in the collectable for $500 or less before 16 December 1995, or
you acquired an interest in the collectable when it had a market value of $500 or less.

If you dispose of individual collectables that you would usually dispose of as a set, you are exempt from paying CGT only if you acquired the set for $500 or less on or after 16 December 1995.

Capital losses from collectables can be used only to reduce capital gains (including future capital gains) from collectables. As is the case with any capital loss, there is no time limit on how long you can carry forward a net capital loss from a collectible.
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http://www.ato.gov.au/individuals/PrintFriendly.aspx?ms=individuals&doc=/content/00208572.htm
 
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