Announcements
Looking for information on the JobKeeper extension? Check out our answers to common questions the community has been asking.

ATO Community

Re: Gold Items / Jewelries — Taxable?

Highlighted

Newbie

Views 1684

Replies 3

My parents have lived overseas for over 10 years and are coming back to Sydney to retire. They are “old school” people, thinking that gold is an excellent hedge against inflation. (I have repeatedly told them the opposite is true.) While overseas, they bought gold coins (Aussie!) and gold rings, necklaces etc. Sale invoices from reputable gold shops can be produced to show that majority of the gold items was bought over the years while a few gold items were given to my parents as birth gifts. My parents want to bring with them the gold items when they come back to Sydney. Will those items taxable? My friends told me that items bought over a year ago would not be taxed. Is that true? If so, what about the items given as gifts years ago ?

Thank you.
1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Most helpful response

ATO Certified Response

Community Support

Replies 0

Hi @Leona_elmo,

 

Thanks for your patience whilst we received information from a specialist area regarding your query!

 

With the limited information you've provided, it seems as though your query may relate to customs duty applicable when personal jewellery and gold coins are brought into Australia by someone returning to Australia permanently.

 

As such any queries in relation to the implications for your parents in bringing personal jewellery and gold coins into Australia should be directed to Department of Home Affairs on 13 18 81 for Australian based callers between 9am and 5pm Monday to Friday.

 

Your parents may be subject to capital gains tax if they sell any jewellery or gold coins after coming back to Australia.

 

Thanks, JodieH.

3 REPLIES 3
Highlighted

Taxicorn

Replies 0

There will probably be GST if the goods are worth more than $900 per adult, then GST would apply to all of it.

Best to call the Department of Home Affairs Global Service Centre on 131 881 to find out more.

 

Not sure what the difference between personal jewellery and other jewellery is...

 

You will definitely need to declare it.

 

In Australia, there will only be income tax paid on it when you sell it and any item cost more than $500 when purchased.

 

They may need to consider selling it beforehand and then there is nothing wrong with transferring their own money into an Australian Bank Account.

 

 

Community Support

Replies 1

Hi @Leona_elmo,


Welcome to our Community!

 

We're checking information about your query with a specialist area an we'll get back to you as soon as possible.

 

Thanks, JodieH.

Highlighted

Most helpful response

ATO Certified Response

Community Support

Replies 0

Hi @Leona_elmo,

 

Thanks for your patience whilst we received information from a specialist area regarding your query!

 

With the limited information you've provided, it seems as though your query may relate to customs duty applicable when personal jewellery and gold coins are brought into Australia by someone returning to Australia permanently.

 

As such any queries in relation to the implications for your parents in bringing personal jewellery and gold coins into Australia should be directed to Department of Home Affairs on 13 18 81 for Australian based callers between 9am and 5pm Monday to Friday.

 

Your parents may be subject to capital gains tax if they sell any jewellery or gold coins after coming back to Australia.

 

Thanks, JodieH.