Selling gold - how, why, where

[Mick and Anne]

Hi again, I apologise if this is in the wrong spot and if this question has been asked before......but can anyone tell me please what the go is regarding selling your gold? Not that we've found enough to sell ....YET.....but the question has arisen.....is gold taxable?

Cheers
Mick and Anne

 

[backcreek]

This has been discussed previously and the outcome was it is not taxable if it is won by hobby fossicking.
If it is a business then that's a different story.

Cheers
Mick

 

[HeadsUp]

search for a post by HeadsUp with keyword "tax"

using the search function above

some beanccountants say you can sell up to 70 grands worth a year tax free regardless of your taxable income in your day job , others say its all tax free up to a brazillion dollars a year

however . lets find it first and then ask for a ruling in writing from the ATO

 

[Mick and Anne]

Thanks for that guys! I agree, let's find it first .....but we were just wondering!

 

[HeadsUp]

Yes but it doesnt hurt to plan ahead and create solutions

thats one of the foundations of success

 

[Guest]

The figure of $70,000 is probably a mix up with the requirement to register for GST if your likely to earn $75,000 or more.

http://www.ato.gov.au/Individuals/Ind/Am-I-in-business-/
Most of us would only dream of turning a profit but for the minority that might be then selling more than $20,000 worth online may start to attract attention. I reckon you would do ok out of your deductions still though keep those receipts just in case :lol:

From ATO website

"Online Data Matching

Data from online auction sites enables us to assess the level of tax compliance of individuals and businesses that sell goods or services online.The data identifies members of online-selling sites who are involved in selling goods and services of a total value of $20,000 and greater."
http://www.ato.gov.au/Business/Star...&page=4#Hobby_or_business-_why_does_it_matter?

 

[Redfin]

A good friend found a decent piece a while back, paid cash for a new twin cab diesel ute, paid off a fair lump of his house.
Was asked the question by the ATO, result was tax free.
He is on the pension btw.
and NO, I do not know where he found it or how big, he won't tell me and good on'him

 

[Mick and Anne]

Wow, that's great.....good luck to him!

 

[jedda]

to my knowledge and up to a few years ago the gov would pay you (may still do do) if you were a bona fide prospector an allowance for food etc
also gold is NOT taxable for anyone like smalltime prospectors despite what the "beancounting accountants" say

 

[BumbleB]

I know this has been discussed before but I just cant find the posts.
Where is the best place to sell any nuggets/gold that we have found?
I might have to sell my little babies to fund the further development of my highbanker.

 

[Pete_The_Prospector]

eBay always brings a good price for nuggets.

 

[mozzie1957]

Just sold a nugget on FleaBay. Made just a tad over gold value. Take out FleaBay's rip-off mongrel extortionate 9.8% fee for selling
and, if your buyer uses PayPal, the rip-off fee they charge you for 'using' that service (not that you get a choice if the buyer decides
to use PayPal) and it brings the total back to not far off what the chaps from places like Bendigo Gold will pay for your nuggie.

Now here's a thought. Set up a site where Aussie prospectors can sell, or trade, their finds. One that doesn't rip 10%, or better, outta ya.

 

[farmeroz]

Good idea there mozzie about a site to trade gold without ripoff fee's.... maybe its something Nugget could work on to further our site here?

You can alway still use ebay to advertise the sales of the nugget with those kind of dummy sales? ( saying its also advertised at www.here.com.au and can cancel auction at any time)

 

[Ramjet]

Just sold a nugget on FleaBay. Made just a tad over gold value. Take out FleaBay's rip-off mongrel extortionate 9.8% fee for selling
and, if your buyer uses PayPal, the rip-off fee they charge you for 'using' that service (not that you get a choice if the buyer decides
to use PayPal) and it brings the total back to not far off what the chaps from places like Bendigo Gold will pay for your nuggie.

Now here's a thought. Set up a site where Aussie prospectors can sell, or trade, their finds. One that doesn't rip 10%, or better, outta ya.

The really annoying thing mozzie is that ebay owns paypal. So they give you the shaft twice.
I was watching your nugget sale. Hoped it would have gone higher for ya.

 

[mozzie1957]

Just sold a nugget on FleaBay. Made just a tad over gold value. Take out FleaBay's rip-off mongrel extortionate 9.8% fee for selling
and, if your buyer uses PayPal, the rip-off fee they charge you for 'using' that service (not that you get a choice if the buyer decides
to use PayPal) and it brings the total back to not far off what the chaps from places like Bendigo Gold will pay for your nuggie.

Now here's a thought. Set up a site where Aussie prospectors can sell, or trade, their finds. One that doesn't rip 10%, or better, outta ya.

The really annoying thing mozzie is that ebay owns paypal. So they give you the shaft twice.
I was watching your nugget sale. Hoped it would have gone higher for ya.

I thought it would've fetched a better price, make a beaut Christmas present, but that's auctions for you. And getting shafted, twice, absolutely stinks. Gotta be
a better way of unloading our goodies.

 

[mad Mike]

Where can you sell gold
Im sure its covered somewhere in here but im wondering where you can sell gold for cash
Lets say you went out one weekend and found 2 1/2 ounces and need the money to catch up on bills

 

[condor22]

Gold Exchanges in Ballarat and Bendigo. I believe the banks in both cities will also buy. Also places like Coiltek in Maryborough, not sure if cash but will sell goods I believe.

I also believe the selling price is 8%% of current value, which is their fee fo buying.

Do a search on "Where can I sell gold in Victoria" on Google.

BTW here in SA it's called fossicking, if you find gold here, you cannot sell it, only keep fo intrinsic value,,,,,,as if.

 

[Nugget]

You could try selling it under the Classifieds section of this forum or any other precious metals forum, eBay, The Perth Mint, or even one those pop up gold buying stalls if you're looking for a quick sale (and like being ripped off :lol.

 

[mad Mike]

Thank you condor
Thanks nugget

 

[Goldrocs]

There's a gold buyer in parramatta where I sell
my gold they scan it weight it depending on gold
purity and price at the time 45-48 dollars a gram
They give you a check on the spot,you go across
the road to westpac cash it.....
Cheers.GR.....