tag:blogger.com,1999:blog-6089228851855763774.post8917306683527384503..comments2024-03-29T07:10:06.022+08:00Comments on Gold Chat: Capital Gains Tax and goldBron Sucheckihttp://www.blogger.com/profile/00530576934994289879noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-6089228851855763774.post-76470678707740505162016-11-26T13:03:54.949+08:002016-11-26T13:03:54.949+08:00Can I swap a house for 400oz of gold for a house t...Can I swap a house for 400oz of gold for a house that is worth the value of the gold and not pay any capital gains tax in Australia?<br />Regardless of how much I paid for the gold? <br />Is the case the same for Silver? <br />Someone help me ... <br />I'm under the impression if I swap my Silver asset for another asset as long as I haven't made a profit I can't be taxed ... Even though the value of my Silver or Gold has increased in value since I bought it .. Im Still just trading or bartering asset for asset as an equal swap... <br />Anonymoushttps://www.blogger.com/profile/06958786266818501380noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-91677557239387094782016-09-01T05:08:47.724+08:002016-09-01T05:08:47.724+08:00But in Australia it's not so clear - because i...But in Australia it's not so clear - because if you use it as legal tender (which is your right to pay any debt in legal tender at face value) and not as a marketable commodity (by trading money for market value) then it's blurred.Philip Leitchhttps://www.blogger.com/profile/10575105615763301952noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-6515016762729000042016-08-31T09:24:32.495+08:002016-08-31T09:24:32.495+08:00Because the ATO isn't the Reserve Bank. What t...Because the ATO isn't the Reserve Bank. What the Reserve Bank (and currency acts) define as the value of the asset (legal tender), isn't what the ATO define as the value of the asset (market value).Philip Leitchhttps://www.blogger.com/profile/10575105615763301952noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-30028066622490873052015-06-09T13:53:58.389+08:002015-06-09T13:53:58.389+08:00why would it be barter if its "LEGAL"!! ...why would it be barter if its "LEGAL"!! tender?douglashttps://www.blogger.com/profile/09054981097452039505noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-64693755314002128422012-10-14T14:13:18.879+08:002012-10-14T14:13:18.879+08:00Kelvin,
Most income tax laws have rules covering ...Kelvin,<br /><br />Most income tax laws have rules covering the situation you mention, which is closely related to barter.<br /><br />If the coin has a market value greater than its face value then the tax office will use the market value to determine income.Bron Sucheckihttps://www.blogger.com/profile/00530576934994289879noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-67775858932337671102012-10-13T10:25:49.723+08:002012-10-13T10:25:49.723+08:00Bron,
Capital Gains Tax on legal tender gold coin...Bron,<br /><br />Capital Gains Tax on legal tender gold coins. <br /><br />Let us say you buy an Australian legal tender 1oz gold coin for $1800 with a face value $1.<br /><br />Later on you sell the coin for $2000. That gives a capital gain of $200, which is taxable.<br />OR<br />You buy an old car with your coin. The seller knows that the real value of the coin is $2000 but you can legally state, on the transfer papers, a price of $1. No capital gain.<br /><br />If you then sold the car for $2000<br />that would be a capital gain of $1999!<br />OR<br />You could also sell the car for another $1 gold coin, no capital gain.<br /><br />In the USA some of the states are bring back gold and silver coins and some bloke said that there will no problem UNTIL they enter circulation and everyone uses there face value for tax purposes and there exchange rate for commercial purposes.Kelvin Barclayhttp://barclaygraphics.comnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-74941518625689664322010-04-15T18:50:43.760+08:002010-04-15T18:50:43.760+08:00Might be worth mentioning collectables worth $500 ...Might be worth mentioning collectables worth $500 or less have no CGT. Collectables specifically include coins "that are used or kept mainly for the personal use or enjoyment of you or your associate(s)".<br /><br />http://www.ato.gov.au/individuals/content.asp?doc=/content/36555.htmAnonymousnoreply@blogger.com