Selling gold - how, why, where

[zedman]

Davsgold done a vid of hebel block kiln.

That’s seriously impressive

 

[davsgold]

Thanks @davsgold . Exactly the info i was after. Cheers. Are there services like Perth mint or PW Beck in NSW?

Not sure mate, there probably is but we used PW Beck in SA and they were very reliable

 

[davsgold]

That’s seriously impressive

This is my kiln and setup, it pours 2 oz bars


and the kiln made from Hebel Block they do wear out and disintegrate eventually from the heat, but for the cost of $13 for a block 600x200x200 and you can make several out to it anyway

 

[zedman]

This is my kiln and setup, it pours 2 oz bars


and the kiln made from Hebel Block they do wear out and disintegrate eventually from the heat, but for the cost of $13 for a block 600x200x200 and you can make several out to it anyway
View attachment 12454

Yeah I saw that post/video. Really ingenious using Hebel. Well done.
Years ago I used to work for CSR, so visited the Hebel plant at Somersby all the time.

 

[Eng888]

2 years back I phoned the ATO and simply asked them “ Do I have to pay tax on any gold I find as either a hobbiest or professional prospector?” To which she said “What’s a prospector?” So she put me through to the manager and he put me on hold….Even after that with a lack of confidence he said “ Anything after the first find is classed as a subsidiary income and when it’s turned into currency is taxed the same as any other income “….. So I said “ what if I find 30 ounces on my first time out () ?” He said “sure, doesn’t matter!”….

I see the problem in it becoming visible dealing with larger amounts.

I suggest you phone the ATO again because many years ago i asked my accountant to ask the same question about hobbyist gold finds being taxable .

His reply in writing by the ATO is ;

All gold found by a hobbyist is not taxable.

If you buy gold from a prospector and then sell it for a profit , that profit is taxable and GST would be applicable.

Forget the "first find is tax free" or any other gibberish , its garbage.

 

[leighd77]

Agree that gold found and sold by a hobbyist prospector is not taxable, though if the prospector prospects full time effectively as their profession they should get tax advice as I do believe they are liable to pay tax. In that event they could claim as tax deductions expenses associated with their prospecting profession.

 

[sand surfer]

from what we were told when when wound our business up 10 years ago after the second flood here, you would more than likely find that it covers all hobbies
not just fossicking/prospecting

no tax

 

[davsgold]

anyone can have a hobby, you can't have a full time hobby, you need other income. you can win lotto and it's not taxable, if you put the money in an investment and lucky enough to get an income from that then that income is taxable.

if you claim any expenses for your hobby then, if you sell any goods produced by your hobby if the sales are higher than the expenses, then that part is taxable income, it makes no difference if you hobby is gold detecting/prospecting or stamp collecting.

if you don't claim any expenses for your hobby then it is something like 70K in sales are considered part of the hobby.

any lump sum windfall like lotto or a big gold nugget are not taxable even if the nugget is sold, if the money from the big nugget is invested, same as any income then is taxable

 

[sand surfer]

they must have put it up a bit dave ,we were told 60k and under
the reason for that is it costs the taxman more than it is worth to do a business tax return for that amount or less
expenses ,depreciation and all the other claims ,they spend to much time doing the return for no gain