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Gold Prospecting
Gold localities & information
Selling gold - how, why, where
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<blockquote data-quote="Eng888" data-source="post: 676670" data-attributes="member: 19227"><p>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 .</p><p></p><p>His reply in writing by the ATO is ;</p><p></p><p><strong>All gold found by a hobbyist is not taxable.</strong></p><p></p><p>If you buy gold from a prospector and then sell it for a profit , that profit is taxable and GST would be applicable.</p><p></p><p>Forget the "first find is tax free" or any other gibberish , its garbage.</p></blockquote><p></p>
[QUOTE="Eng888, post: 676670, member: 19227"] 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 ; [B]All gold found by a hobbyist is not taxable.[/B] 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. [/QUOTE]
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Gold Prospecting
Gold localities & information
Selling gold - how, why, where
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