now that silver is going through the roof and if we sell the ATO is going to want their cut How many of us kept record's of our purchase post 1985 , I started stacking in 2010 and didn't think about an exit plan so treated the purchases like buying jewellery especially from the forum market place I am not looking for advise, my accountant already read me the riot act about keeping proper records, On a positive note that's the excuse I'll give my other half when she wants me to sell and I don't want to
Silver cgt
- Thread starter gnik1
- Start date
Slimey
Well-Known Member
from ato webpage.
Collectables
A collectable is subject to CGT unless:- you acquired the collectable for $500 or less
- you acquired a share in the collectable for $500 or less before 16 December 1995
- you acquired a share in the collectable when the collectable had a market value of $500 or less.
- artwork
- jewellery
- antiques
- coins or medallions
- rare folios, manuscripts or books
- postage stamps or first day covers.
If you dispose of collectables individually, that would usually be disposed of as a set, they are exempt only if you acquired the set for $500 or less after 16 December 1995.
It took me a couple of months but I went through all my old emails, found all the eBay notices and all the emails from the bullion dealers and pieced it all together. Added in all the Personal Messages I could find from this site and have managed to trace about 90% of all my purchases. All new purchases go straight into the spreadsheet with all the info I can find.
I have put them all into a Google spreadsheet which automatically updates the spot for gold and silver. I then started to add columns for profit, percentage profit, annualised percentage profit etc. Along with purchase dates, purchase prices, order numbers, basically all the info I could pull from the emails.
Once that was up and running I added all my cryptocurrency and cash / bank holdings and just for fun, the real estate. The crypto also updates automatically.
Then I found all the records for the SMSF and added them in a separate table.
I stuck a dashboard at the top so I can see a summary of all my holdings and now I just stare at it every couple of minutes in disbelief.
Most of my silver and gold was bought as coins for under $500 as part of my hobby of coin collecting so I think that is a get out of tax free situation but I have never tested it. I also give away silver as gifts at Christmas and birthdays so that gets complicated as I don't keep track of that and there are no records. Apparently I have 20 x 1/10g Valaurum gold notes from 2014 but I have no idea what happened to them.
I have put them all into a Google spreadsheet which automatically updates the spot for gold and silver. I then started to add columns for profit, percentage profit, annualised percentage profit etc. Along with purchase dates, purchase prices, order numbers, basically all the info I could pull from the emails.
Once that was up and running I added all my cryptocurrency and cash / bank holdings and just for fun, the real estate. The crypto also updates automatically.
Then I found all the records for the SMSF and added them in a separate table.
I stuck a dashboard at the top so I can see a summary of all my holdings and now I just stare at it every couple of minutes in disbelief.
Most of my silver and gold was bought as coins for under $500 as part of my hobby of coin collecting so I think that is a get out of tax free situation but I have never tested it. I also give away silver as gifts at Christmas and birthdays so that gets complicated as I don't keep track of that and there are no records. Apparently I have 20 x 1/10g Valaurum gold notes from 2014 but I have no idea what happened to them.