Full time fossicking and tax

[Swinging & digging]

I recall reading maybe in GG & T, ATO can charge Capital Gains Tax on gold you find, say you found a 10 ounce nugget 10 years ago and Gold was $1,000 an ounce. You sell it now at $2150 per ounce, so the taxable amount is 50% of the gain. $5,750 is liable for CGT at your marginal rate.

To my knowledge no person has been asked to pay this yet, but i recall reading the article.

Don't recall any gold I've found being date stamped like a coin, so how would they know when it was found?

They are relying on individuals declaration of honesty.
Like i said no person has been asked to pay yet? Just stating what i have read and recall.

 

[RM Outback]

If you take leave from your job and at the same time retain your job, by taking leave for a period of time and persue your hobby I don't see why you would have to waste a cent on a tax specialist. I doubt there's a tax law that says hobbies are not to be financially gained from whilst on leave from gainful employment be it as an employee or self employed. And for that matter if legislation did exist it would have to state clearly the time frame acceptable for such purposes, but I doubt any such tax laws exist. Obviously depends on which state you operate in the last I checked Victorian gold is tax free under a Miners Right so worth checking your intended locations for state legislation.

 

[Shep]

Well its my last day today, I am going to miss my job but not enough to miss out on a big pile of yellow.