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Gold Prospecting
Prospecting Equipment
Purchasing of prospecting equipment tax deductible?
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<blockquote data-quote="Gold miner" data-source="post: 5172" data-attributes="member: 262"><p>Let me tell you that the ATO is all over this stuff!</p><p>We bought our first lease, then pegged two more. $50,000 outlayed...</p><p>Accountant said no way, its a hobby!!! Some frikkin hobby, $50,000 in receipts for golf clubs!!</p><p>So lets go to $100,000 and actually start to mine.....</p><p>Only when we started trading in gold, with a gst component attactched, could we claim our outlays...</p><p>Unless, as said above, you have a legit use for a 5000 I would say you are facing an audit rather promptly!!</p></blockquote><p></p>
[QUOTE="Gold miner, post: 5172, member: 262"] Let me tell you that the ATO is all over this stuff! We bought our first lease, then pegged two more. $50,000 outlayed... Accountant said no way, its a hobby!!! Some frikkin hobby, $50,000 in receipts for golf clubs!! So lets go to $100,000 and actually start to mine..... Only when we started trading in gold, with a gst component attactched, could we claim our outlays... Unless, as said above, you have a legit use for a 5000 I would say you are facing an audit rather promptly!! [/QUOTE]
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Gold Prospecting
Prospecting Equipment
Purchasing of prospecting equipment tax deductible?
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