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Gold Prospecting
Gold localities & information
Selling gold - how, why, where
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<blockquote data-quote="Jeff" data-source="post: 658122" data-attributes="member: 12647"><p>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 (<img class="smilie smilie--emoji" loading="lazy" alt="😜" title="Winking face with tongue :stuck_out_tongue_winking_eye:" src="https://cdn.jsdelivr.net/joypixels/assets/8.0/png/unicode/64/1f61c.png" data-shortname=":stuck_out_tongue_winking_eye:" />) ?” He said “sure, doesn’t matter!”….</p><p> <img class="smilie smilie--emoji" loading="lazy" alt="🤔" title="Thinking face :thinking:" src="https://cdn.jsdelivr.net/joypixels/assets/8.0/png/unicode/64/1f914.png" data-shortname=":thinking:" /></p><p>I see the problem in it becoming visible dealing with larger amounts.</p></blockquote><p></p>
[QUOTE="Jeff, post: 658122, member: 12647"] 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. [/QUOTE]
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Gold Prospecting
Gold localities & information
Selling gold - how, why, where
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