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Gold Prospecting
Gold localities & information
Selling gold - how, why, where
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<blockquote data-quote="Gold1hunter" data-source="post: 643226" data-attributes="member: 14696"><p>I know there's a point where you are considered to be a professional but can't remember (because it doesn't apply to me) what the exact $ value of finds is, I think it was around the $30k mark where you would have to register your sole trader business, so if you don't sell it (gold) through an official buyer there's going to be no record and some just hoard it (how much did they find and when did they find it) so it all becomes a too hard basket. Who's got what buried in their gardens? I've met people who do this, I wonder if they've actually found it if it's still in the ground <img class="smilie smilie--emoji" loading="lazy" alt="🙄" title="Face with rolling eyes :rolling_eyes:" src="https://cdn.jsdelivr.net/joypixels/assets/8.0/png/unicode/64/1f644.png" data-shortname=":rolling_eyes:" />. </p><p>Also as 95% of all small business ventures go broke they still have all the set up costs that are deductible, I remember years ago of profitable businesses buying defunct businesses for a fraction of their set up costs and losses then putting all those costs and losses through their good business to evade tax then desolve the dud company. Point being where there's a will there's a legal if not a bit dodgy way.</p></blockquote><p></p>
[QUOTE="Gold1hunter, post: 643226, member: 14696"] I know there's a point where you are considered to be a professional but can't remember (because it doesn't apply to me) what the exact $ value of finds is, I think it was around the $30k mark where you would have to register your sole trader business, so if you don't sell it (gold) through an official buyer there's going to be no record and some just hoard it (how much did they find and when did they find it) so it all becomes a too hard basket. Who's got what buried in their gardens? I've met people who do this, I wonder if they've actually found it if it's still in the ground 🙄. Also as 95% of all small business ventures go broke they still have all the set up costs that are deductible, I remember years ago of profitable businesses buying defunct businesses for a fraction of their set up costs and losses then putting all those costs and losses through their good business to evade tax then desolve the dud company. Point being where there's a will there's a legal if not a bit dodgy way. [/QUOTE]
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Gold Prospecting
Gold localities & information
Selling gold - how, why, where
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