How can i avoid paying tax on silver?

The coins that qualify for the GST exemption must be gold with a purity of at least 99% and 5%, silver with a minimum purity of 99% or platinum with a minimum purity of 99%; and be or have been legal tender in their country of origin. There is no GST for fine precious metals in New Zealand. Gold with a fineness of not less than 99.5%, silver with a fineness of not less than 99.9% and platinum with a fineness of not less than 99% are exempt from GST. This is the case not only for gold coins and ingots, but also for most ETFs (exchange-traded funds), which are subject to taxes of 28%.

For those looking to invest in gold, it is important to understand the rules and regulations surrounding gold investments, including the GST exemption. A Gold IRA rollover guide can provide helpful information on how to invest in gold and other precious metals. Many investors, including financial advisors, have trouble owning these investments. They assume, incorrectly, that since gold ETFs are traded as stocks, they will also be taxed as stocks, which are subject to a long-term capital gains rate of 15 or 20%. As an investor, you should keep in mind that capital gains are taxed at a different rate, much lower, than labor income.

This is called capital gains tax. And since gold is an investment asset, when you sell your gold and make a profit, it's taxed as capital gains. However, depending on how you've held your gold, you'll have to pay taxes at the ordinary capital gains rate or at an overall rate of 28%.