Perth Bullion Liquidation

Discussion in 'General Precious Metals Discussion' started by nighttrader, Jul 9, 2019.

  1. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    In all the cases I know of, the only appeals that were heard were by another department inside the ATO. In each of these cases the ATO internal review admitted that 75% of what they were saying was incorrect, and reduced their assessment by 75%. Imagine if an independent third party had the opportunity to review it, and apply a rational industry wide policy.

    To me that means they are 75% WRONG.

    However, the 75% reduction seems merely a bargaining tactic on behalf of the ATO and not a genuine look at the circumstances in that business, or any serious consideration around interpretation of the legislation.

    The bullying tactics used by the ATO (including garnishee notices as seen on 4 Corners - Google Richard Boyle ATO) are such that small businesses cannot fund any kind of defence, especially when the ATO will delay the production of an appeal response for 12 months.

    So as SilverDJ has said, these small businesses are either forced to close voluntarily or subjected to liquidation by the ATO.

    The GST "gold scam" was a real thing, but it has absolutely nothing to do with PB. The ATO are hugely embarrassed that they lost close to a Billion dollars, and they are looking to deflect attention elsewhere.

    South Gippsland Bullion and Perth Bullion are merely scapegoats in a childish attempt at covering an embarrassing regulatory fuck up.
     
  2. iceblue

    iceblue Well-Known Member

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    As CK pointed out in the above post #125, there are rules for some which have been put out of business and rules for others that have carried on with business for selling exactly the same product. You could liken it to all the supermarkets have to charge GST, except woolworths.
    So now the problem the industry faces is which way the ATO will move on this, its either GST or not. If all the dealers and independent refiners get the same treatment as PB, Perth Mint will be the only place left standing (which is maybe what they want) but it is not good for the consumer/investor is it?
     
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  3. dozerz

    dozerz Well-Known Member Silver Stacker

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  4. 316ag

    316ag Active Member

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    I got an email from PB July 9 saying they had my item in storage and would I please arrange pick up or postage. They were trying to get all orders out by the 11th July. I had a strong suspicion that’s it was from a Receivers and not a new owner at Perth Bullion.
     

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  5. Gazzasore

    Gazzasore New Member

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    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
     
  6. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Bullion List Sydney.
     
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  7. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    I agree!
    Without a doubt, Joe from Bullionlist provides the best service.
    5***** business
     
  8. mrsilverservice

    mrsilverservice Well-Known Member

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    Here :D









    The Book of Proverbs Chapter 8 verse 35

    For whoever finds me finds life,and obtains favor from the Lord :)
     
  9. alor

    alor Well-Known Member Silver Stacker

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  10. JOHNLGALT

    JOHNLGALT Well-Known Member

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    What is your QTH (HOME) please (or, state)?
    If you are buying P.M's. over the Internet, PROBLEM BELONG YOU.
    p.s. I hope you like more tungsten in your bar than Gold. LOLOLOLOLOLOLOL.
     
  11. 316ag

    316ag Active Member

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    You can look at Ainslie Bullion Company is Brisbane. Been around for many years. Shipping not to bad. Bullion Money in Parramatta. Not as big a selection but only $9 shipping. KJC in Sydney but shipping is high. All the above have online ordering.
     
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  12. prospect

    prospect Active Member

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    There is another way to buy gold and silver at around spot price and sometimes if you are lucky even a little under spot.
    It is the method I have used to build up my stack over the years.
    I am surprised that no one on here appears to want to use this method, oh well less competition for me.:D
    I mentioned this method a few months ago in one of my early posts.
    I even mentioned the reputable companies that I have dealt with.
    So I will not be repeating here again.
     
  13. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Are coin auctions really that good for bargains? I find it slim pickings these days.
     
  14. prospect

    prospect Active Member

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    Yes, not as good as it was years ago but still good buys to be found for those who persevere.
    While a lot of the precious metals items are higher priced numismatic items, there is always bullion type stuff on offer
    such as bulk pre-decimal kiloware and 1966 rounds which go for around spot.

    Oh for the good old days, I remember buying $200 gold Koalas for $180 at auctions in the 1990s.:)

    The next major auction is at the end of the month in Sydney (Noble Numismatics) with a few million dollars worth of goodies on offer.
    And the good news is that all Auction houses accept postal bids and online bids if you can't personally attend.
    I would personally recommend Nobles for newbies, because they have a lifetime guarantee that all their lots are genuine.
     
    Last edited: Jul 17, 2019
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  15. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    ...just be mindful about the buyer's premiums added to hammer price. Noble just hiked theirs up:
    "The buyer’s premium, previously 17.5%, has been increased to 20% (22% including GST) of the hammer price."
    In addition +5% for using the online bidding (Invaluable) on the Noble auction, plus shipping fees. It all adds up quickly.
     
  16. harry_mr

    harry_mr Active Member

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    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

    For the purpose of GST, I herby certify these goods are deemed precious metal items.


    According to the Goods and Services Tax ruling (GSTR 2003/10) the contents of these items satisfy all of the following requirements to be defined as precious metals and therefore GST Exempt under item LPM.


    Paragraph 7-9 as an individual, I fulfil criteria under Section 40-100 of the GST Act

    Paragraph 8-11 these are precious metals (in investment form) of at least 99.5% fineness for gold and of at least 99.9% fineness for silver and of least 99% for platinum

    Paragraph 12 these are not proof coins and price is determined by the spot price

    Paragraph 13 these are not coins of numismatic value and price is determined from the spot price.

    Paragraph 14-21 I am NOT a dealer and therefore meet the criteria under Section 40-100 of the GST act. These are in investment form.

    Paragraph 22 these are bullion bars or coins

    Paragraph 23 the metals bear all the required markings describing metal fineness, content and weight.

    Paragraph 24 these are not granules. The bullion bars bear internationally recognised hallmark as required in section 23 and 24

    Paragraph 25 there is no jewellery, only bullion bars and/or coins

    Paragraph 26 these are NOT collector coins, price is determined from spot price

    Paragraph 27 these are NOT numismatic coins

    Paragraph 28 price is determined from the spot price of silver, gold or platinum

    Paragraph 29 Is capable of being traded on the international bullion market, that is, it must be a bar, wafer or coin and is usually traded at the price that is determined by reference to the spot price of the metal it contains.

    Paragraph 30 the silver, gold or platinum is in investment form only.

    Paragraph 31 price of each product is determined from the spot price of silver and gold

    Paragraph 32 N/A as 38-385 is for dealers in precious metals, I believe my purchases fall under 40-100 and classified as inputed taxed supply

    Paragraph 33 there are no granules in the purchases

    Paragraph 34-36 there are no bars or wafers in the purchases. The bars carry an internationally recognised hallmark guaranteeing the fineness and quality of the metal

    Paragraph 37 these are not proof coins only bullion coins.

    Paragraph 38 a) coin price determined with reference to spot price for silver, gold or platinum.

    b) the coins are mass produced and freely available to the general public.

    c) these are bullion or bullion coins only.

    Paragraph 39 these are not proof coins as the price is solely determined by reference to the spot price of silver, gold or platinum.

    Paragraph 40 these are not coins of numismatic quality or collector coins.

    Paragraph 41 the goods are bullion or bullion coins and bear the marks required in paragraph 22-23 and are of the relevant fineness and therefore should qualify as precious metals for GST purposes.

    Paragraph 42 these coins are not commemorative coins, their price is determined solely on its metal content.

    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.


    I hereby confirm that I do not fall under Sect 38-385 as I am not a dealer in precious metals and thus qualify for Sect 40-100 and 13-10(b)

    I hereby confirm that the bullion, medallions or coins I have ordered meet the criteria of a precious metal and are of investment form as described by s195-1 of the GST Act and the GSTR 2003/10
     
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  17. 66rounds

    66rounds Well-Known Member Silver Stacker

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    +27% for online bids is quite high!!
     
  18. prospect

    prospect Active Member

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    Yes, they have just hiked their buyers premiun to over 20% to bring them into line with Downies and some of the other coin Auction houses.
    There is nothing you can do about that, it is the same if you are buying fine art, cars or whatever through public auctions.
    The important thing is that you factor in these charges before submitting your bids.
    Only an imbecile would use the "Invaluable" live bidding system and be slugged 5% for if.
    I have already cast my online bids on the lots that I am interested in at Noble Auctions and it cost me nothing.
    The extra 5% charge is only for people who wish to bid live on the day of the Auction.
     
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  19. alor

    alor Well-Known Member Silver Stacker

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    all well and good, but at the gantry we have a different set of criteria
    https://www.customs.gov.sg/individuals/gst-exemption-for-investment-precious-metals
     
  20. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    Maybe 'mindful' was a too difficult a word..? :rolleyes:
     
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