Live Price
  • Live Price
  • Gold (Au): 2,530.02/ozt
  • Silver (Ag): 29.16/ozt
  • Last Update 13th Aug 2022 @04:00am
  • 07 49 390 234
07 49 390 234
Home » Blog » How Much Gold Can I Sell Without Reporting?
When it comes to buying and selling gold, people are often curious if they are required to provide any personal identification. And it is reasonably fair to think as such as most of us yearn for at least some privacy in this day and age where personal information is readily available, especially when it comes to hard-earned money and wealth. 

In this blog, we will answer this burning question so that you are aware of the obligations you have as a customer/investor, and of the exemptions that apply so that you can use them to make sound, wise and smart decisions.   

Gold and Silver Bullion and Coins 

The bullion industry is mandated by AUSTRAC, which is a federal government body that tackles money laundering and counter-terrorism financing. Under AUSTRAC’s mandate, bullion companies are required to implement systems and controls to comply with Anti-money laundering and counter terrorism act.  

The most important aspect of the compliance requires gold dealers to perform a Know Your Customer (KYC) of their customers to identify and verify them. This is required for every bullion purchase and sale transaction. However, there is an exception, where customer identification and verification is exempted for any transaction that is below $5000. 

google review

What does this mean for you? 

If you are looking to buy or sell gold and silver bullion or coins under $5000, you are not required to provide any personal identification unless requested. There is a limit to buying and selling gold and silver without personal identification of up to $4999 every 24 hours. 

Jewellery, Scrap, Nuggets, etc. 

Everything else that is not bullion and coins, that is to be sold, is mandated by state law, which means, each state will have their own set of rules that define how transactions are conducted. 

In Queensland, selling of 2nd hand gold and silver jewellery, scrap gold and silver and any other gold and silver items, is mandated by the Office of Fair Trade, which requires gold buyers to comply with the 2nd hand dealer’s act. Under this act, when customers are selling gold and silver items at any gold buyer, they are required to provide customer identification as part of the transaction.  

sell unwanted jewellery

What does this mean for you? 

If you are looking to sell gold and silver items at a gold buyer, you will require to provide either one original form of photo ID or two original forms of text-based ID with your address proof. The list of identification that are acceptable are as follows: 

 

Acceptable Photo ID  Acceptable text-based ID 
Passport (Australian or foreign)  Birth Certificate 
Driver’s License or Learner’s Permit  Marriage certificate 
Firearms license  Medicare Card 
Student ID (Tertiary institution)  Utility Bill or Australian Bank Statement 
KeyPass ID cards  Commonwealth Veterans Affairs Card 
  Commonwealth Pensioner Concession Car 
  Commonwealth Health Care Card 

  

Sell Your Gold to Us 

At Cash Your Gold, we provide the best rates for your gold based on the live market prices. This means you can maximize your profit and get the best value for any type of gold, or for that matter, any precious metal. We don’t charge any commissions or have any hidden prices that cut down your share of the sale. 

google map

We go above and beyond to help our customers secure the maximum returns from their sales. We provide instant cash immediately or do an instant bank transfer to your account.

Buy and Sell Gold and Silver Bullion with Us 

If you are looking to invest or buy and sell gold and silver bullion, we confidently recommend our trusted partners, GoldSecure Bullion, who are one of the most experienced and trustworthy Bullion Dealers in Queensland and Australia. 

All their bullion bars are priced at discounted rates and the list of bullion and coins they stock is exhaustive, providing their customers with a variety of gold and silver bars and coins to choose from. They accept and provide various payment options including instant cash on the spot as well as a real-time Bank Transfer without any delays.