Massive find what would you do?

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Post  slugsbrother on Wed Sep 28, 2011 11:50 pm

Firstly, no I haven't found anything, not even anything small yet lol. Embarassed

But I am curious, what would you do if you happened to find a monster nugget, not something worth several grand, but several hundred?

Apart from the obvious, kiss the dog and kick the missus out, what would you do as far as security goes, where would you take it to, how would you store it?

Could you walk into a bank and have them weigh it and hold it, would it then be insured?

Would you sleep with it that night if you couldn't get to a bank, or park outside a cop-shop with one eye open and promise them beers to keep an eye on you?

I hope one-day to be in that position, you may say I'm a dreamer, but I'm not the only one haha. Food for thought cheers

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Post  B4TT on Wed Sep 28, 2011 11:58 pm

Put it in my safe and keep my mouth shut just personally Razz

I certainly would not bring attention to the fact that I had found it. hehe
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Post  Guest on Thu Sep 29, 2011 12:10 am

Hi Slugbrother,
I was asking that question myself :what the people do when they find the big nugget?
I don't dream i will find the big one and i wouldn't have that problem as i never detect alone. Very Happy
Will have a help handy and would feel much secure.
When i find the nugget (little ones so far) i always call other guys to check that area with their detectors and expertise.People do get paranoid a little when they suddenly have something very valuable in their possession.
Would hate to imagine what the old diggers went trough with their big finds.Would be quite scary.
Cheers.




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Post  bedrock on Thu Sep 29, 2011 12:11 am

I'll deal with it when it happens:), but yes aren't we all dreaming
of the big one or that virgin patch in virgin country....!
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Post  slugsbrother on Thu Sep 29, 2011 12:58 am

bedrock wrote:I'll deal with it when it happens:), but yes aren't we all dreaming
of the big one or that virgin patch in virgin country....!

You are referring to gold right? Suspect
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Post  nero_design on Thu Sep 29, 2011 4:03 am

Even a weekender has a chance of finding something spectacular... as the history books have shown time and time again. I'd name the nugget. If I was in a stupid mood I would name it something stupid that would annoy people. Nothing p*sses me off more than seeing a half gram nugget on Ebay with a "name"... so it would have to be something pretty large to begin with. Then I'd arrange for some of the prospecting clubs to take a look at it since they'd appreciate it the most. I'd organize some sort of publicity for it in the press so that the public would get to see it. I'd allow the detector model and coil used to be known and for any interested parties to obtain photographs.

At no point would I ever divulge precisely where it was dug (there's several reasons for this) but i might give the approximate district it was found in. I would not be keeping it at home if it was worth hundreds of thousands or more but Insurance would be one of the first things I would arrange.

It would need to be worth more than a few kilos to attract this kind of fuss to start with.
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Post  marty on Thu Sep 29, 2011 6:21 am

Yeah, i'd shut my mouth for sure until i was ready to sell.But the question is how do you sell it safely?,some sort of gold buyers auction maybe i don't know.And how do try and avoid the Tax Man?I don't think it would be easy.Are well dream on.

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Post  panhead on Thu Sep 29, 2011 8:25 am

And how do try and avoid the Tax Man?
No problem. If the tax man wants to tax my income from the find then I am entitled to claim back the costs of finding it. Lets see, petrol, food, equipment costs for 20 years. I'd probably get a refund. Laughing Laughing Laughing
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Post  davsgold on Thu Sep 29, 2011 8:34 am

marty wrote:And how do try and avoid the Tax Man?I don't think it would be easy.Are well dream on.

G'day marty

You don't even have to try and avoid the tax man, because there is no tax to pay on it. If you are a company and you are claiming expences etc then its a different matter.

Its exactly the same as if you win lotto there is no tax. So you can go find your big dream nugget and not loose sleep over the tax.

You may need a safe place to store it in though. Very Happy

cheers dave
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Post  Guest on Thu Sep 29, 2011 9:21 am

i would get a replica made of it and then auction it off. a good amount of the money would go to the boys i-saver accounts, everything would be payed out and then i would sit the rest in our i-saver accounts so it can just build up.
cheers
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Post  maka on Thu Sep 29, 2011 10:15 am

Thats a hard call. If it was on private property with the permission from the owner, i wouldnt say a word.Not sure but they can probably get a solicitor and claim it.
If it was on road reserve i would say a word as the council or govt probably owns it.
If it was on sate forest ( not that i detect there) i wouldnt say a word.
If it was in my own back yard or legal claim i had pegged then i would go public.
Considering i dont have a claim, and theres no gold in my yard, the hacksaw would come out on every other occasion and it would be sold off bit by bit.
You could always book into a prospecting tour and pretend u found it on the tour.
Great business for the company, and u kill 2 birds with one stone.
First call would be to a solicitor and find out legally if i stood a chance of losing it depending where i found it.
Nuggets are neally untraceable, but if i found 14 century bullion at a beach, thats another kettle of fish.
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Post  CostasDee on Thu Sep 29, 2011 10:18 am

Any of you guys find a big nugget, don't panic, bring it to my place for safekeeping... lol!
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Post  stylusmobilus on Thu Sep 29, 2011 10:37 am

I don't know, I'd be in a state of indecision probably. Simple question, but a good one.

I honestly don't know. I know I would be excited. If I was with a partner I would be honest about it.
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Post  B4TT on Thu Sep 29, 2011 10:42 am

I think the very first thing I would do would most likely be a silly little happy dance! tongue bounce
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Post  Guest on Thu Sep 29, 2011 11:04 am

there is only taxation on the income derived from the money (from selling the nugget)

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Post  CJ on Thu Sep 29, 2011 1:13 pm

I would keep it and get the misses to make a cover for it and use it for a door stop, I would take it out once a week look at it and give it a rub. Very Happy

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Post  Guest on Thu Sep 29, 2011 1:18 pm

Shhhhhh....can you guys (n Gals) keep a secret????
I found the motherload last weekend in some slatey ground. Would have to be a couple of thousand ounces for sure.
Problem is......
Its a reef incased in slate...no dirt
I need a jackhammer and about 3 strong blokes to work hard and split the takings.
Anyone interested Question

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Post  B4TT on Thu Sep 29, 2011 1:22 pm

LOL that would be a nice find!

Give me directions and I will get it out for you cheers Twisted Evil
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Post  Guest on Sat Oct 29, 2011 4:31 pm

[quote="CJ"]I would keep it and get the misses to make a cover for it and use it for a door stop, I would take it out once a week look at it and give it a rub. Very Happy [/quot


and what would ya do with the the door stop!!!???? cheers cheers Shocked Cool

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Post  nuggetninja69 on Sat Oct 29, 2011 7:07 pm

I would lock it up and not say a word....2 many people would be bugging you for info on where it was found and what not. Second option would be to sell it and bank the dosh Laughing
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Post  chopppacalamari on Sat Oct 29, 2011 8:47 pm

I rekon I would take it home for a bath then get heaps and heaps of pics. Then grab my best mate and drive it straight down to the refiners and let them worry about it's security.

On second thoughts Knowing my luck I'd have to cover it over again and make a big pile of sticks on top then I'd have to go and hire a truck with a good hoist. I might need a crane to get it on the truck but I think a hoist should do. Mabe 7 or 8 blokes to help me lift it but who would I ask hmm!

I wish I had that problem..

Dicko..
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Post  Guest on Sun Oct 30, 2011 12:03 am

I was going to say keep very quiet, lock it away and book the first flight out of the country for a world trip. But Qantas just blew my plans as they've just grounded their whole world fleet indefinitely! Damn, what happened to the great 'Australian'? Anyway, hope the 'big one' jumps out of your dreams and into your reality... flower

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Post  Guest on Sun Oct 30, 2011 12:41 am

Damn. Now how do i get my stash off Quantis? I especially want my boggy board & back pack! and friends "Excess baggage">>>>> they can send back!
Oh That''s right I don't have any friends, so where's my parcel ??:

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Post  harryopal on Sun Oct 30, 2011 2:20 pm

The big one?

All things considered, maybe it's simpler to just give it an ocean burial. The minute it gets around that you have it then every other villain under the sun is considering what would be the most appropriate, exquisite torture to help you see that the nugget is rightfully theirs.

If you sell it, then its value is obviously going to be more than $50,000 (the hobbyists non GST taxable ceiling) so the tax office will demand 10%. And then the tax on the income.

As for Panhead's notion ....

`No problem. If the tax man wants to tax my income from the find then I am entitled to claim back the costs of finding it. Lets see, petrol, food, equipment costs for 20 years. I'd probably get a refund. '

And I am sure, Panhead that you have carefully kept all the receipts that relate to all your expenditures over the 20 years? As far as the ATO is concerned... no receipts or meticulous records.... forget it. No deductions.

Good luck.

Yours tropically, Harry

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Post  harryopal on Sun Oct 30, 2011 2:22 pm

The big one?

All things considered, maybe it's simpler to just give it an ocean burial. The minute it gets around that you have it then every other villain under the sun is considering what would be the most appropriate, exquisite torture to help you see that the nugget is rightfully theirs.

If you sell it, then its value is obviously going to be more than $50,000 (the hobbyists non GST taxable ceiling) so the tax office will demand 10%. And then the tax on the income.

As for Panhead's notion ....

`No problem. If the tax man wants to tax my income from the find then I am entitled to claim back the costs of finding it. Lets see, petrol, food, equipment costs for 20 years. I'd probably get a refund. '

And I am sure, Panhead that you have carefully kept all the receipts that relate to all your expenditures over the 20 years? As far as the ATO is concerned... no receipts or meticulous records.... forget it. No deductions.

Good luck.

Yours tropically, Harry

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Post  sigron on Sun Oct 30, 2011 2:28 pm

Would probably have to flog it off to pay for the hospital expenses following my heart attack that occured when I finally found something like that . Rolling Eyes Rolling Eyes

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Post  The Modern Day Prospector on Sun Oct 30, 2011 5:05 pm

Jump for joy, heaps of piccys, bragging, lots of the bundy brew until I dropped, sell it, get myself in the paper, big big house, best cars and motorbikes I could buy, wac the rest in the bank, party again more bundy brew then after all that I woke up and it was all a dream lol! lol!
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Post  Rob.B on Mon Oct 31, 2011 11:44 pm

Get the Mrs a motel & put the nugget on her side of the bed.
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Post  GoldstalkerGPX on Mon Oct 31, 2011 11:45 pm

Who says I haven't Suspect
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Post  gcause on Tue Nov 01, 2011 12:59 am

harryopal wrote:If you sell it, then its value is obviously going to be more than $50,000 (the hobbyists non GST taxable ceiling) so the tax office will demand 10%. And then the tax on the income.

Complete newbie here, I read somewhere it was $100,000 before royalties / tax had to be paid to the govt? Is there some other limit we have to be careful of?
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