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It's amazing how heavy gold is that something that small can weigh over a tonne. A read somewhere a while back that all the gold ever mined would fit in a cube about 20m^3
Location: The western periphery of Terra Australis
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Quote:
Originally Posted by danielsa1775
Its got $53 million worth of Gold it it, and has a legal tender value of $1 million?
Can i buy it for $1 million?
Honestly, what? What's the point of giving it a legal tender value? I assume it's going to stay in the Mint indefinitely? Some rich person isn't just going to hand over it for say, a modest two storey home in Ardross.
Honestly, what? What's the point of giving it a legal tender value? I assume it's going to stay in the Mint indefinitely? Some rich person isn't just going to hand over it for say, a modest two storey home in Ardross.
In most countries legal tender is not taxable (except for seigniorage), whereas gold bullion is. Legal tender is also guaranteed by the Commonwealth, bullion is not.
Location: The western periphery of Terra Australis
24,544 posts, read 56,130,563 times
Reputation: 11862
Quote:
Originally Posted by BCC_1
In most countries legal tender is not taxable (except for seigniorage), whereas gold bullion is. Legal tender is also guaranteed by the Commonwealth, bullion is not.
I don't understand. If part of your income is in cash, it's still taxable.
I don't understand. If part of your income is in cash, it's still taxable.
The cash isn't being taxed, you're being taxed for earning income. If you were paid in oranges the ATO would try to establish a value on those oranges and tax you. As a side note, not all legal tender is "cash". 1c & 2c coins, for example, are still legal tender but you can't pay for things with them, this $1m coin would be the same (under the Constitution, I forget the section, the States (ie the Perth mint) can only mint gold or silver coins if they want them to have the status of legal tender).
Most countries will apply import/export duties and or sales tax on gold bullion, but if a gold coin has been given legal tender status then it is not taxed, hence they mint a gold coin and give it a nominal face value for legal tender status.
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