Capital Gains Tax on Gold?

[Merovingian]

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,

 

[Pushka]

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.