Silver Collecting and Hobby Taxation

There are coin shops and gold & silver dealers, including the currency exchange offices that take PM's.

You just bring your bullion there and swap for money. Is that an income?

I think it's like a swap/exchange.

Unless you're rally hoarding tonnes... that might be a different issue.
 
The explanation of the law department of the central planning thieves for tax on precious metal (notably silver) is this:
"not any speculator or saver acquires something without the intention to achieve profit in currency, which cannot be done without future trading of it."
Note the word combination "profit in currency". They don't say "profit", but "profit in currency". The reason is obvious: to evade the denominator purchasing power. They replaced what actually matters, with a mere mathematical comparison. If the price of a house doubles over a decade, and one buys an inbetween asset like silver in the storage of value role, and the price doubles with the house, then aboves law allows the tax department to measure, and tax, a 100% profit, while the one that stored the value in the other monetary asset, has just the same house purchasing power he had the decade earlier.
Conclusion? It's not tax on profit, it's tax on evading their theft. Or end to end: succeeding the theft still.
So, just treat the State guys as thieves, and act like any potential victim should act: make it as hard as possible for them. The more effort they need to do, the higher the price tag that hangs on it, and the less it leaves for them to pocket.
 
Eruaran said:
That's it, I'm moving to New Zealand.
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They probably work together with Australian govt lol.
Recently I came across the words "harmonized sales tax" when I was searching in relation to Royal Canadian Mints $face value for $face value coins. That's Canadian law.
Well, they "harmonize" everywhere, including in my Euro region cases.
Every year more.
If private companies do this they would sue them for price agreements / fixing.
But they do the very same, only that they sticked a nice friendly buzz verb on it: harmonizing <flowers and bees chord> :D
 
Pirocco said:
fishtaco said:
Pay your tax!

Anyone who buys and sells a "Huge" amount of silver coins for 75 grand in one tax year is not a hobbiest but a trader.
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Anybody that buys and sells a "Huge" amount of dollars in one tax year is also not a hobbiest and is also a trader.
Even 1 dollar is already trading.
Why do stackers replace saved dollars with saved assets?
To avoid tax.
Inflation is also a tax.
Pay your tax?
Bah.
There is no "my tax".
All there is, is a forced payment, a forced product / service, at a forced price, from a monopolist, regardless of what you think about it.
I also say to pay tax. Because giving the monopolist on thievery an excuse to pay more, is what the monopolist wants. If people would obey their laws, they would change / add to them in order to make people violate them again. Because a fine is an easier excuse than a general tax level.
But I say just stack, dont do sell high > buy back in lows. Just try to buy at not bloated prices, keep the asset, and then sell a chunk now and then upon needs. Easier said than done, I know.
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So you dont pay income tax on your earnings and VAT/GST on all your purchases?

And you buy and sell 75 grands worth of precious metals in one financial year as a hobbiest collector of PM,s?
 
TreasureHunter said:
There are coin shops and gold & silver dealers, including the currency exchange offices that take PM's.

You just bring your bullion there and swap for money. Is that an income?

I think it's like a swap/exchange.

Unless you're rally hoarding tonnes... that might be a different issue.
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If you swap it for money it is an income.

Whats the difference between swapping one of your houses emptiness for rent money and swapping over $10,000 worth of Pm,s for money?

Nothing, its an income or loss and taxable as such.
 
Skyrocket said:
fishtaco said:
ekmchan said:
A question to the members here about potential money made from future silver sales - has anyone successfully argued that even buying a huge amount of silver coins (non proof grade or slabbed) and sold them successfully as a 'hobby' rather than treated it as income for tax purposes. I'm talking about a potential turnover more than 75k in 1 year (of course not every year).
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Pay your tax!

Anyone who buys and sells a "Huge" amount of silver coins for 75 grand in one tax year is not a hobbiest but a trader.
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If someone sells over 75k of their PM stack in one year by selling 80 X $1,000 separate transactions (cash sales) how would the taxman ever know?
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As long as its less than $10,000 per transaction then they wont! so you have to ask why is the op asking?
 
The Australian rule about collectibles acquired for under $500 each being able to be sold CGT free may still be in effect - you would have a very hard time arguing with the tax office though that a coin bought GST free due to it being considered in an investment form by the ATO is a collectible - they would rule it an investment. More applicable to sovereigns and Melbourne florins than a roll of Kookaburras.
 
goldpelican said:
The Australian rule about collectibles acquired for under $500 each being able to be sold CGT free may still be in effect - you would have a very hard time arguing with the tax office though that a coin bought GST free due to it being considered in an investment form by the ATO is a collectible - they would rule it an investment. More applicable to sovereigns and Melbourne florins than a roll of Kookaburras.
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Perhaps the odd 1966 fifty cent piece.
 
I thought I had a few, but I put them all on a spreadsheet with their individual serial numbers, only to find that they were all counterfeit. Each one had 1966 on it. So I must presume I only have one, the rest are worthless.
 
sammysilver said:
I thought I had a few, but I put them all on a spreadsheet with their individual serial numbers, only to find that they were all counterfeit. Each one had 1966 on it. So I must presume I only have one, the rest are worthless.
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Sad story Sammy! :(

Never mind I will buy all your counterfeits ones at 50 cent a pop. :)
 
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