Capital Gains Tax on Gold?

Hello all,

I have a quick question regarding the selling of gold coins and/or bullion.

Is the selling of gold coin or bullion subject to capital gains tax at all? My initial thoughts are that it is not, but I'm not sure.

Thanks in advance,
 
Yes. If purchased after 1985 (September something I think). Stamps, coins, etc - all are subject to CGT.
http://www.ato.gov.au/individuals/content.asp?doc=/content/20427.htm&page=4&H4
Many CGT assets are easily recognisable. They include:

* real estate – for example, a holiday home
* shares in a company
* units in a unit trust or managed investment fund
* collectables – for example, jewellery, and
* personal use assets – for example, furniture.

Other CGT assets are not so well understood – for example:

* contractual rights
* options
* foreign currency, and
* goodwill.
 
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