Your finds Minerals are the property of the Crown. If you discover gold or other minerals or gemstones on land not covered by a mining tenement, and the ground is Crown land (under the Mining Act 1978), then you are free to keep what you have found (as long as you hold a Miner's Right).
Most state courts, including those of Arkansas, Connecticut, Delaware, Georgia, Indiana, Iowa, Maine, Maryland, New York, Ohio, Oregon, and Wisconsin, have decided to stick to the tried and true “finders keepers” concept. If you found it (and it didn't involve trespassing), you get to keep it!
The low-down on gold panning
Make sure you have permission to pan for gold, as no one would be happy to find you trespassing on their land. You'll need to pick up a Miner's Right Permit to do any prospecting in Australia. You can easily apply for one online or at some tourist centres.
If you want to fossick in Victoria, you need a current fossicking permit known as a miner's right. A miner's right allows you to remove and keep minerals discovered on Crown Land, your own land or private land (where the landowner has given permission).
In Victoria, hobby gold hunters must possess a miner's right, which allows them to keep any gold they find. Anyone caught panning or fossicking without a miner's right permit can face penalties up to $36,984 under the Mineral Resources (Sustainable Development) Act 1990 .
Gold is taxable, and taxation is based on the total value in dollars rather than weight. You are liable to taxation only when you make a profit from selling gold. Typically, the more profit you make the more tax you will have to pay.
There is no restriction on the weight or value of precious metal. However, all Australian gold dealers must adhere to laws regarding the buying and selling of gold.
If you discover gold or other minerals or gemstones on land not covered by a mining tenement, and the ground is Crown land (under the Mining Act 1978), then you are free to keep what you have found (as long as you hold a Miner's Right).
In Australia, gold prospectors have so many opportunities to become very rich. The time spent moving from one location to another, searching for gold with metal detectors, is worth it.
More valuables are found on Australian beaches with metal detectors than in parks and bush land combined. So it is no surprise that beach metal detecting is becoming one of the most popular hobbies in our country. Detecting our Aussie beaches is a fun and healthy hobby and can be done by anyone.
About 60% of Australia's gold resources occur in Western Australia, with the remainder in all other States and the Northern Territory. Virtually all resources occur in primary deposits, many of which have undergone some degree of weathering.
There is no such thing as "finder's keepers" in Australia. "A lot of people don't realise that if you find anything worth more than $100 you have to hand that in to the police," Preston said. "If you keep or sell it, it's called theft by finding and it's a chargeable offence."
Q: Will any metal detector find gold? Yes. Most metal detectors are capable of finding gold but some will do a much better job than others. Since gold has rather low conductivity, metal detectors that use higher frequencies will spot gold better than low-frequency detectors.
Gold and Platinum are Not Magnetic
The security system at airports is among other things looking for magnetic metals. You are more likely to set off the alarm wearing cheap costume jewelry, frequently made with magnetic metals, than fine gold and platinum jewelry.
If you're in the Northern Territory, ACT or South Australia, you don't need a permit but remember that treasure hunting, fossicking and prospecting in national parks is banned right across Australia.
As early as the sixteenth century, the common law has held that all gold and silver, whether situated on public or private land, has been owned by the Crown. This Royal prerogative has also been applied in Australia, by both common law and legislation.
Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17 per cent of the total world estimated gold reserves of 57,000 tonnes.
Laws vary from state to state, but typically, if you – or your great grandfather – bought your property before 1891, then you often own all the way down to the centre of the earth. But, crown land grants issued after 1891 are typically limited to approximately 15.24 metres below the surface.
Businesses buying gold in Australia are subject to State and Territory law. Gold buying companies need to have a Second Hand Dealers license. Ask questions like: How long have you been in the gold business?
There is no limit to the amount of physical currency that may be brought into or taken out of Australia. However, travellers entering and departing Australia must report any currency they are carrying of $10,000 or more in Australian dollars, or the foreign currency equivalent.
If you'd like to keep an element of privacy with your gold, you can opt to deposit your bullion into your own safety deposit box at the bank. To do this, you simply fill in an application to rent a safety deposit box at your nearest branch.
Investors can buy, sell and store gold, silver and platinum at The Perth Mint Depository. We have an extensive network of secure facilities including central bank grade vaults to protect your precious metal holdings.