If you sell gold, silver or any other precious metal at a higher rate than the price you bought, you’ll be required to pay taxes. Please keep in mind that you may need to report the sale of gold for tax purposes. But there’s also a minimum purity composition below which selling gold may not be reportable in Australia. While selling your gold and silver jewelry items you are not required to report any sales by law unless it is a continual process by hobby or profession. Any sale of bullion that brings capital gains attracts capital gain tax. It is advisable to discuss your situation with your Tax agent in detail to understand your positions.
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New Store Alert: Turn Your Gold into Cash at Our New Sunnybank Location!
