How much gold can you sell without reporting in Australia?
Understanding the Rules
- The Australian government has set rules to prevent money laundering, tax evasion, and the trade of illegal gold.
- Individuals and businesses involved in gold trading must register with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
- AUSTRAC helps track and prevent suspicious transactions related to gold sales.
- Cash transactions: If you receive or make a cash payment of AUD 10,000 or more for a gold sale, you must report the transaction to AUSTRAC within 10 days.
- Suspicious transactions: If any transaction seems suspicious, no matter the amount, it should be reported immediately to AUSTRAC.
Tips for Selling Gold
- Make Smaller transactions: Instead of selling a large amount of gold at any one time, considerselling smaller batches that are lower the limit. But, it’s important to follow the rules and not use this method to avoid reporting.
- Sell over time: Instead of selling all your gold at once, spread out your sales over a longer period. You coukd try selling smaller amounts at different times, that way you can stay within the reporting limits.
- Seek guidance: Talk to a trusted adult, such as a parent or guardian, about your plans to sell gold. They can help you understand the rules and guide you through the process.
Frequently Asked Questions about selling gold without reporting in Australia
Q: What is considered bullion?
A: Bullion refers to a precious metal in the form of bars, ingots or coins, such as gold and silver bullion.
Q: How much gold or silver can I sell without reporting it to the government?
A: You can sell up to AUD 10,000 worth of bullion, as well as gold and silver coins and jewellery, without reporting it to the Australian Transaction Reports and Analysis Centre (AUSTRAC).
Q: What happens if I want to sell more than AUD 10,000 worth of bullion?
A: If you want to sell more than AUD 10,000 worth of bullion, you will need to declare it to AUSTRAC and provide identification documents.
Q: Do I have to pay tax on the sale of bullion?
A: If the bullion you are selling is considered an investment grade, you will be exempt from paying GST. If it is not an investment grade, you will be required to pay GST. You may also be liable for Capital Gains Tax if you make a profit on the sale.
Q: How do I know if my bullion is an investment grade?
A: The Australian Tax Office (ATO) provides a list of approved investment grade bullion products. You can also check with your bullion dealer to determine if your bullion is classified as an investment grade.
Q: Can I sell my gold jewellery without reporting it to AUSTRAC?
A: Yes, you can sell your gold jewellery without reporting it to AUSTRAC as long as the value does not exceed AUD 10,000.
Q: What is the spot price?
A: The spot price is the price of gold or silver at which it is traded on financial markets at any given time.
Q: Can I buy and sell bullion internationally?
A: Yes, gold and silver bullion can be traded internationally, but you should check with your courier to ensure that they are authorized to transport precious metals overseas.
Q: Where can I find a reputable bullion dealer?
A: The Perth Mint and the World Gold Council are good resources for finding reputable bullion dealers. You can also do a Google search and research online reviews before making a purchase.
Q: How do I sell my gold to a bullion dealer?
A: You can either sell your gold in person at the dealer’s office or send it via courier to their allocated vault. The price you receive will depend on the current market spot price and the dealer’s buy-sell spread.