Hi, I have read all the most relevant posts on this subject:
https://community.ato.gov.au/s/question/a0J9s0000001Jw1/p00052931
and also
https://community.ato.gov.au/s/question/a0J9s000000Pa7g/p00210798
Unfortunately the link provided in this last post is now dead.
In the first link "MellyMel" asked a second question:
(Thank you Tony. someone told me I would need to pay capital gains tax on them when I sell them? Can you advise if this is correct?)
and was answered by "Jodie_ATO" who wrote at the end of her reply, in a somewhat cryptic manner:
"Your stepfather may have had an obligation to declare them once he disposed of them to you.
Depending on who did his final tax return may need to be aware of this."
Now, I understand from the first link discussion that a gift of bullion does not need to be declared for tax purposes, by the Giftee, but the final reply from @Jodie_ATO leaves me wondering if the Gifter (as opposed to the Giftee) has to pay Capital Gains Tax (CGT) for some reason.
Questions:
- Could you please clarify if the gifting of gold bullion to a child constitutes a CGT event for the Gifter (the parent) or not.
- Is their anything intrinsic to Gold Bullion requiring a different treatment, when it come to Gifting and CGT events?
Thank You
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