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Ask : 3,640.28/oz
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Refresh in 00:00
Gold
Bid : 3,629.39/oz
Ask : 3,640.28/oz
Silver
Bid : 43.35/oz
Ask: 43.48/oz
Platinum
Bid: 1,515.13/oz
Ask : 1,554.52/oz
Refresh in 00:00

Deep Guide on How To Sell Gold Bullion in Australia

September 21, 2023

If you're wondering how to sell gold bullion in Australia, you've come to the right place. As precious metals specialists, we're often asked about the different options available for disposing of gold assets and cashing in collected bullion. In this guide, we'll break down the best way to sell bullion gold in Australia, whether selling gold bullion in Australia is legal, tips on how to sell bullion without paying high taxes, and key factors to consider before putting your gold on the market.

By the end, you'll have a clear understanding of your selling avenues and how to maximise profits.

Best Way For Selling Gold Bullion in Australia

When it comes time to cash out gold holdings in Australia, one of the most hassle-free methods is selling directly to a gold bullion dealer. Reputable dealers are readily able to purchase all popular 999.9 pure gold bullion coin and bar products with no size minimum. They will pay you a fair price according to the latest London spot rates for immediate settlement via bank transfer or cheque. As long-time traders, dealers have the experience and industry relationships to ensure smooth transactions. Selling directly also saves the expense of listing on online exchanges.

Gold Secure pays highly competitive prices according to the London morning/afternoon gold Fix based on per-ounce spot rates from benchmark exchanges. For maximum transparency, just ask one of our representatives to provide a Firm Price quote over the phone during trading sessions factoring in the latest spot price as well as any small premium amounts applied to specific product lines.

Settlement is typically very fast, with payment via secured EFT bank transfer to your nominated account within 24-48 hours of physical receipt. For interstate sellers, we cover insured shipping costs so you don’t face any out of pocket expenses. All purchases also come with a Certificate of Authenticity from our Assayer confirming weights and purity as suitable for investment purposes.

As one of Australia’s longest serving bullion providers with an impeccable market reputation, our decades of experience give sellers added peace of mind. You can rest assured your gold is going to a secure bullion gold buyer with global upstream supply chains to onsell inventory efficiently. We pride ourselves on professional, transparent and quick transactions from start to finish.

Is Selling Gold in Australia Legal?

The short answer is YES - selling gold bullion in Australia is completely legal. As long as your bullion qualities as investment grade fine (99.5% purity or higher), you can dispose of it through licensed dealers without permits or difficulty. Australia doesn’t restrict private gold ownership or trade like some other nations. There are no capital gains taxes applicable either when selling personal investment gold held for over 12 months as a long term investment.

A person holding gold bars in their hands, symbolizing wealth and prosperity

How to Sell Gold Without Paying High Taxes in Australia

One way to sell gold bullion without paying high taxes in Australia is by proving the purchase was for genuine investment purposes. If you've held physical bullion coins or bars for over 12 continuous months, any profits fall under the capital gains tax discount and are not considered ordinary income. You may need to provide purchase invoices or declaratory statutory statements to show the ATO your intent was long term investment as opposed to trading. It’s also recommended to sell the entire parcel at once to qualify rather than in stages over short periods.

What You Should Know Before Selling Bullion Gold

When weighing options for cashing in gold assets, consider the following factors carefully:

Check current spot prices and your product's premium to get a price baseline vs listing “buy now” offers. Reputable dealers update prices continuously to reflect minute-by-minute precious metals exchange movements. Give us a call during trading hours to get a live quote factored to your specific bars or coins.

Know required paperwork like statutory declarations or valuation reports for larger amounts over X ounces. The ATO requires sellers to provide documentation demonstrating evidence of cost base and 12-month hold period for capital gains tax treatment. We can advise on documentation needs case by case.

Determine tax obligations carefully to maximise after tax profits. While the long term CGT discount applies to investments held over a year, short term holdings under 12 months could face up to full income tax rates. Discuss your unique situation with our team of tax advisors.

Choose reputable dealers or trading platforms for safety and reliability. Only transact with Licensed Dealers like ourselves who undergo stringent regulatory screening. Beware of unverified sellers with little track record. For additional security, request signature on delivery for bullion transfers.

Beware of “too good to be true” offers that could signify compromising purity standards below proper investment grade limits. Reputable outfits will always pay you prices in line with daily spot rates rather than inflated values that could indicate inferior metals being passed off.

Conclusion

In summary, selling gold bullion in Australia through a registered bullion dealer or peer-to-peer exchange like our marketplace is perfectly legal for individual investors. With tax smart planning like the long term capital gains discount, informed sellers can cash out gold holdings securely while keeping more funds in pocket. Let us know if you need assistance valuing your current inventory or have additional questions about maximizing returns from selling gold down the line.

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