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Lady Penny

14,159 Posts.

102

09/06/24

16:07

Post #: 74237469
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Originally posted by pete11 ↑

Say one day for eg. Gold is $10,000 and you sell say 10oz coins not at the same time but 1oz at a time, (collectables) and you don't even mention this to your accountant but if you get audited you simply say I bought them years ago for $480 each in the late 1990s would the ATO believe this ?
as collectables bought below $500 are CGT exempt

if you don't have any receipts of purchase but you know what year and month they were bought
would that satisfy authorities if they came knocking?

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Pete, always best to consult with your accountant rather than a shares forum.
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