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?
I dont follow what you are saying. These are the Goods and Services Tax rulings (GSTR 2003/10) translated into understandable speak.
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
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?
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.
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
If you happen to be in the Queensland area I’ve found Ainslie bullion in Brisbane are quite competitive and essy to transact with
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
OMG, no records? smh. They are going to make it as hard as possible. Good luck if had holdings there. Feels bad.