# Salary in Silver Coins



## imagineer (22 May 2008)

I read somewhere in the last few weeks that a company director was paying himself in legal tender silver coins.
This meant his income was counted on the face value of the coin i.e. a Kookaburra is legally $1.
Cant find the story now ,, anyone see it?
was going to toss it to my accountant.
Keep the faith
Regards
Neil


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## moXJO (5 June 2008)

Didnt want this thread lost in the commod forum.Very interesting concept. Any accountants here  that can enlighten us


imagineer said:


> I read somewhere in the last few weeks that a company director was paying himself in legal tender silver coins.
> This meant his income was counted on the face value of the coin i.e. a Kookaburra is legally $1.
> Cant find the story now ,, anyone see it?
> was going to toss it to my accountant.
> ...


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## --B-- (5 June 2008)

hmmm , im not sure i understand .

can you shed any light on it moXJO?

what the point?


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## kenny (5 June 2008)

Hi B,

http://www.perthmint.com.au/catalogue/australian-kookaburra-silver-coin-series-2007-gilded-edition.aspx

Check out the link for buying Kookaburra coins.

They are legal tender for $1 but like most collectible coins, are worth far more both in collectible value (scarcity) and intrinsic value (precious metal content)

At a conversion rate of $66 per coin; anyone being paid in Kookaburras would have a nice earn on their notional salary.

Hmmm, why not go platinum....?

Cheers,

Kenny


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## Pommiegranite (5 June 2008)

moXJO said:


> Didnt want this thread lost in the commod forum.Very interesting concept. Any accountants here that can enlighten us





When he wishes to spend the coins, he would have to sell them and would realise a taxable gain.


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## Uncle Festivus (5 June 2008)

But how would he show the original purchase, at content value, on his books in the first place? It would cost him $66,000 to pay himself a $1000 wage? Or is it 15 coins for a wage of $1000?


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## dalek (5 June 2008)

Pommiegranite said:


> When he wishes to spend the coins, he would have to sell them and would realise a taxable gain.




Yeah, just like everyone selling products on Ebay he would drip feed them into the market and dutifully fill out his tax forms


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## moXJO (6 June 2008)

well if you had your own company and paid yourself a wage would buying the silver coins at $30 and converting it to a $1 wage be a deduction of some kind to the business. Also if its legal tender do you really have to show where you spent your $1 silver coin?
I'm sure there is a different way that is being used though.was just interested in the various applications this might be used.


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