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Gold Prospecting
Gold localities & information
Selling gold - how, why, where
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<blockquote data-quote="Hawkear" data-source="post: 643234" data-attributes="member: 4728"><p>I think also we should be aware that by law any transactions over $10K are reportable by designated entities to AUSTRAC which is responsible for deterring criminal activity by tracking the movement of money. The entities which have to advise of such transactions include banks and financial institutions, gambling, digital currency exchanges, and licensed gold buyers.</p><p>I do not know whether that info subsequently finds its way to the ATO.</p><p>When I last sold a substantial amount of gold back in 2014 to a gold refiner, I asked the taxation question and was advised that the hobbyist threshold was about $50K.</p></blockquote><p></p>
[QUOTE="Hawkear, post: 643234, member: 4728"] I think also we should be aware that by law any transactions over $10K are reportable by designated entities to AUSTRAC which is responsible for deterring criminal activity by tracking the movement of money. The entities which have to advise of such transactions include banks and financial institutions, gambling, digital currency exchanges, and licensed gold buyers. I do not know whether that info subsequently finds its way to the ATO. When I last sold a substantial amount of gold back in 2014 to a gold refiner, I asked the taxation question and was advised that the hobbyist threshold was about $50K. [/QUOTE]
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Gold Prospecting
Gold localities & information
Selling gold - how, why, where
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