Physical gold tax implications

[hotbmw]

Hi guys
Is physical gold treated as an investment or as a collectible?
Im wondering what if any tax applies to the sale of gold ie. cgt etc.
Thanks
Rob

 

[Ageo]

Re: tax implications with physical gold

Hi guys
Is physical gold treated as an investment or as a collectible?
Im wondering what if any tax applies to the sale of gold ie. cgt etc.
Thanks
Rob

Well you can easily sell pure gold to any jeweller etc... for cash so there is no need to go down the tax path if you dont want to but if your feeling generous then of course there is always that option

 

[hotbmw]

Re: tax implications with physical gold

so there is no cgt on a gold bullion bar?

 

[Ageo]

Re: tax implications with physical gold

so there is no cgt on a gold bullion bar?

Well i know when you purchase bullion there is no GST, now im not sure if you sell it too a mint you need to disclose the Capital Gain you have made on it (im assuming like everything else you do) so as i said you can sell it too many jewellers for cash.

But this isnt advice just information

P.S remember there are many people after gold so dont think theres only 1 way of selling gold.

* Ebay
* Mint
* Jewellers

These are just some of the ways to get rid of your precious metals.
In the end consult your accountant for proper answers.

hope this helps

 

[hobo-jo]

I recall reading somewhere that if gold is purchased as an inflation hedge that the capital gains on it can't be taxed. I'm not sure if it was Australian advice, I've been meaning to contact the ATO in regards to this for some time...I'll get around to it one day.

If it's declared I believe it has the same capital gains tax applied that any other asset would.

 

[joeyr46]

Yes CGT is the only tax I know of when u lose the government debases the currency and then charges u a tax because the price of goods has gone up what a rort

 

[Garpal Gumnut]

A very good question, I've been buying physical gold for many years , its all buried, I'll probably leave it to the kids , but I'd appreciate any info on the tax treatment.

Death and Taxes sheeeesh.

gg

 

[hotbmw]

anyone know is CGT applies for sure?