Paying income tax on silver sales

Thnx for the comments but, i can say i did understand her after she explained it the 1st time.... perhaps i recipricated it wrong( tho i thought it was pretty clear actually :-\ )

trew - on a side note... she has told me that over comming years the tax rate of companies is meant to be lowered by a percent or 2, so from 30% to 29-28%.
also not saying paying 24% tax would be good..... but only paying 15% would be better :)

xb - same thing, perhaps i explained it wrong, but with her back ground she doesnt make errors. And i highly trust her, and has yet to do me wrong.
 
Silverbullet08 said:
also not saying paying 24% tax would be good..... but only paying 15% would be better :)
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Perhaps she was talking about setting up a self managed super fund ??

15% is the super contribution tax rate.
 
Silverbullet08 said:
I figuer u would have to pay income tax when u make a certain amount on it? because its generating an income, wouldnt u have to pay 48% in the dollar of profit?
After talking about this with my workmate stackers and my accountant... its come to the conclusion that i opened a company with a trust just for tax purposes.
My work mate suggested i open a company like he did ( hes older then me, in his say mid 40s) for the fact the company tax rate is 28 or 27%, something around that margin.
My accountant (who works for BHP and has for other big players here in Perth) futher suggested opening the trust linked to the company, so when it comes time to sell,
it can be distributed evenly across the company and trust ( the trust being untaxed).... collectively meaning overall im taxed at 15%
sooo if i made lets say $1 million profit on my bullion
A) taxed at my personal rate = 480k taxed of 1 mil
B) taxed at my company rate = 280k taxed of 1 mil
C) taxed at my company with linked trust rate = 150k of 1 mil


thats how its been explained to me...
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+1

I am currently trying to get my accountant to set up a similar system to this. Keeps all investment's and hedge's outside of the PAYG dungeon.
 
so when you make a loss on your so called precious metal investments do you think the tax department will reduce the amount of tax you pay on your income proportionately?

Best of luck with your plan but as they say in the medical profession, always seek a second opinion.
 
hiho said:
so when you make a loss on your so called precious metal investments do you think the tax department will reduce the amount of tax you pay on your income proportionately?

Best of luck with your plan but as they say in the medical profession, always seek a second opinion.
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Capital losses can't be used to cancel out taxable income.

Much like if you bought a bunch of shares, got owned and lost heaps you'd still be paying the same income tax I believe.

Capital losses could be carried over though, but I can't remember the relevant information.

Check ATO's website.
 
fishball said:
hiho said:
so when you make a loss on your so called precious metal investments do you think the tax department will reduce the amount of tax you pay on your income proportionately?

Best of luck with your plan but as they say in the medical profession, always seek a second opinion.
Click to expand...

Capital losses can't be used to cancel out taxable income.

Much like if you bought a bunch of shares, got owned and lost heaps you'd still be paying the same income tax I believe.

Capital losses could be carried over though, but I can't remember the relevant information.

Check ATO's website.
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derr fishball :p

thats my exact point how can a captial gain be considered income, gold earns no interest/income [remember that thread]
 
BullionBull said:
Why can't you guys use the Search function?
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For the record - just as poor form.

If you're aware of a previous thread, post a link as a "see also", not "use the search".
 
Most worthwhile forums have a sticky that asks new members to use the Search function before reposting and rehashing old issues.

But obviously this place is different.
 
Chill BullionBull, you are doing us a favour but didn't get the appreciation you want. It's not your fault, neither theirs.

Having said that, what you have suggested is not an individual problem, but more of a cultural one imposed by technology. If you may allow, I'll explain:

I am sure you are aware, a forum is an interactive place, where topics are being brought up, discussed with like-minded people. Sometimes, it's worthwhile to create a new thread on an old topic again, especially if the current situation is different, or if you want to hear the latest view with a new group of people without constraints from discussions in past. The keyword here is "interactive". Alternatively, If a topic already exist, or has happened fairly recently, then creating the same topic would be poor form. Nonetheless, new threads keep a forum alive.

If I want to read tons of established and back-dated information, I'll wiki or google, seldom on a forum. Also, not all search functions are created the same. You might also be aware, the search function on forums are neither the best of breed technologically nor intuitive culturally. Otherwise, you would be able to search for the feedback people post, when one poster put up (along the line of) "Why can't you guys use the Search function?".

Believe me, most people are really nice when you get to know them personally. That includes you, me, and everyone on board here. Unfortunately, a forum put us behind an online avatar and doesn't necessary show our good side, especially at the first instance. From a psychological point of view, I am sure you warm at harm and wanted to help. Putting the choice of words aside, I am sure everyone will be able to see it.

For the record, this is one of the best moderated forums I have come across. You might be right, this place is indeed different, it's better.

my 2 oz,

Revlisify
 
I think the problem is that the admin did not make the thread on CGT a sticky, as he did with GST. If he had, this problem would not have arisen....
 
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