Perth Bullion Liquidation

So sorry to hear for PB. But also those who have purchases pending. Hope those get sorted.

Hipothetically: How would something like this work for a business who had commission products with them?
 
harry_mr said:
This might help those interpret the GSTR 2003/10 rules, each paragraph to meet the criteria. http://www.apmex.com/resources/files/apmex-au-declaration-form.pdf


Paragraph 43-47 these are not proof coins as their price is solely determined by reference to the spot price and changes daily. There are no other factors that determine the price of the coins. They were purchased at a price close to, and based on, the spot price.
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This turned out to be the biggest crutch the ATO was leaning on. But, how do you define "close"? There is no definition. It doesn't work as either a percentage or fixed figure. $12 above spot might be close for gold, but not close for silver.

They provide no assistance with establishing what this means, or even what a "wafer" actually is. Ask them, they don't know.

They just throw up a multi-million dollar assessment, double it with penalties and hope it sticks. It's instant bankruptcy for those businesses because we all know the margins are always significantly less than the GST.

In the case of PB all the relevant and tangible/definable requirements were met, in the vast majority (99%+) of transactions.
 
Ag spot kills the business and the business cant compete on secondary market sales.
Look on the recent sale, 1oz lunar for $28ea..
In addition, they carry a lot of numis sheeets
 
Gazzasore said:
With Perth Billion
I could buy a couple of oz a week
And ship when I had a few
Do any other Bullion outfits slow this?
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Yeah I would say a good few do, but have not used them as Perth bullion was my 'go to' aswell.
'Bullion now' based in Melbourne and also pretty active on here definitely do the same setup and are easy to deal with at good prices as far as I know.
 
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:(
it is a very low margin and high outlay business, per coin profit can be just $0.50
compared with selling a can of beer
0.50/$25+

most people no longer buy the box, not even rolls
when silver price is flat for few years

flat T:) last longer so can accumulate some more
 
Gazzasore said:
Hi team
Ok now that Perth Bullion is no longer an option

Where is the Next best place to buy Silver in Aussie
Cheers
Gaz
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If you happen to be in the Queensland area I’ve found Ainslie bullion in Brisbane are quite competitive and essy to transact with
 
President Trump said:
Can someone just confirm the rule for me please. Is it that .999 is GST free and less than .999 attracts GST?
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President Trump said:
Thank you for your reply but I still don't understand sorry.
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https://www.ato.gov.au/law/view/document?DocID=GST/GSTR200310/NAT/ATO/00001

This is the ATO's definition of bullion and what is or isnt GST applicable.

The reason 'non bullion' coins get seld here so much is that i we dont charge each other GST. A sovereign (bullion grade, nothing fancy) will always be ~10% cheaper hear than from say Jaggards or KJC. I believe as they are busineses and have to lodge a BAS they have to collect GST on what needs collecting
 
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