Bullion Baron: Australia's Bullion GST Fraud Still Under Wraps

Discussion in 'Bullion Baron' started by Bullion Baron, Feb 15, 2016.

  1. whinfell

    whinfell Active Member Silver Stacker

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  2. SpacePete

    SpacePete New Member Silver Stacker

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    Some of the new details are crazy! Korean students, a professional magician, and a bankrupt property developer!!

     
  3. SpacePete

    SpacePete New Member Silver Stacker

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    How did any of that not raise immediate suspicions??? FFS.
     
  4. Ipv6Ready

    Ipv6Ready Active Member Silver Stacker

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    Some forms of 999 or 9999 gold such as rings and granules etc all attract gst.
     
  5. SilverDJ

    SilverDJ Active Member

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    Surely ABC would have had to report those transaction under the AUSTRAC requirements? Not to mention finding out everything about the people involved.
    I was just anally probed by my foreign currency account provider under the AUSTRAC excuse "getting to know your customer", they wanted to know everything about me, and everything about everyone involved with my company even though they were not operating or authorised to use the currency account.
     
  6. SpacePete

    SpacePete New Member Silver Stacker

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    Exactly!! Twice a week 3 Korean students are placing orders for $6 million in gold. The reports most definitely would have been raised with AUSTRAC.

    WTF WAS AUSTRAC DOING??!?

    Then there is the magician with control of the accounts who would wander in and collect the gold bars. Its so fishy that there'd be more red flags raised than at a North Korean mass celebration.

    And of course a bankrupt property developer was involved somehow. No surprises there.


    ___
     
  7. Bullion Baron

    Bullion Baron Well-Known Member Silver Stacker

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    http://www.theaustralian.com.au/bus...d/news-story/8044d198378d2adf37dff53b0e581879

    Do a google search for "Tax office in stunning U-turn on gold tax fraud" and click from there to access the full article.
     
  8. SilverDJ

    SilverDJ Active Member

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    For article:
     
  9. SpacePete

    SpacePete New Member Silver Stacker

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    What on Earth is happening????
     
  10. goldpelican

    goldpelican Administrator Staff Member

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    Voluntary Reverse Charge commercial agreements will likely be insisted upon within the refining industry, and will necessitate that upstream suppliers enter into similar agreements with their B2B suppliers.

    https://www.ato.gov.au/Business/GST...everse-charge-in-the-precious-metal-industry/

    The ATO held industry workshops this week in Melbourne, and there is one in Sydney tomorrow.

    Basically this should eliminate the "missing trader" scam, but may cause cash flow issues for businesses that buy from the public - unless they lower their buyback prices. So the crazy days of 107% of spot for scrap should be gone.

    Yet to see how exporters of scrap will be affected.
     
  11. goldpelican

    goldpelican Administrator Staff Member

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  12. Bullion Baron

    Bullion Baron Well-Known Member Silver Stacker

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    Has anyone seen a link to the new tax determination?
     
  13. goldpelican

    goldpelican Administrator Staff Member

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  14. Bullion Baron

    Bullion Baron Well-Known Member Silver Stacker

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    Looks likely, thanks that is interesting reading.
     
  15. SilverDJ

    SilverDJ Active Member

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  16. Bullion Baron

    Bullion Baron Well-Known Member Silver Stacker

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  17. sbc

    sbc New Member

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    The "draft" seems silly to me. A lot of the work seems to be placed on small business. Jewellers etc a lot of onus is on them to determine the intrinsic value of goods. If a jeweller buys something as something they believe they can sell as a piece but after X amount of days, years months are unable to sell it and the item is scrapped do they go then to claim an input tax credit? GST is goods and service tax, a service is provided by the person purchasing the jewellery, the time taken to clean and make it saleable. This system seems very out of touch with the industry, the easier solution would have been to put a blanket GST on bullion products.
     
  18. Bullion Baron

    Bullion Baron Well-Known Member Silver Stacker

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    How would it be reasonable to charge GST on an investment asset? Would it be reasonable then to introduce GST on the full purchase price of shares and property?
     
  19. Bullion Baron

    Bullion Baron Well-Known Member Silver Stacker

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    Be careful where you park your money (unallocated, orders without immediate delivery, etc), things could get messy within Oz gold industry.

    http://www.theaustralian.com.au/nat...s/news-story/7099bcd5233d901d3b6e900f660899df
     
  20. Bullion Baron

    Bullion Baron Well-Known Member Silver Stacker

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    http://www.theaustralian.com.au/new...s/news-story/2f979a5af3807daf7567ed2cc0598654
     

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