ID Requirements for online purchasing???

Hmm... lets not advertise it too much. We don't want certain players getting annoyed and others and more scrutiny in an already over-scrutinised (IMO) area

We should endeavour to keep our private transactions private.

 

The $5000 thing is a minimum above which some form of ID is required. As to accumulated transactions etc there are no written rules and it is up to each dealer to make a risk assessment as to whether they think the customer is money laundering or terror stuff. This is a judgement call.

In my opinion, if you are regularly buying under $5000 with a dollar cost averaging strategy, just putting some money from your pay into PMs then that shouldn't require ID at all no matter how often you do it.

If you came in every day buying $4990 worth of PMs then that may be enough for the dealer to say I need ID.

The level of ID required also is not fixed but there is a minimum standard. ID on a $5000 would not be same as that on a $1,000,000 deal being delivered to an address in Afganistan.

Bottom line is dealers have to be able to defend themselves in the situation where AUSTRAC audit their processes and say, "didn't you think there was something suspicious about the $1m deal and why didn't you do more due dilligence on the person involved".

 

I've had to provide ID for my small initial order of 9oz (ordered 4 more oz today). I figure it's a one time deal but it is annoying. I'd hate to be doing that with any transaction with other vendors. Still the price was reasonable. Swings and roundabouts. I'll be keeping my eyes open for sales on SS though.

 

i was asked to provide ID and a name and address to buy a $3 used dvd copy of pulp fiction at cash converters.

 

Why on earth would you be trying to fund terrorism and laundering money anyway?

Geez - a whole $3?! Ridiculous.

 

yeah they said it was some legal requirement of selling second hand goods so if they end up being stolen, they can track the goods down. I mean, it *WAS* the deluxe version of the dvd. probably worth maybe as much as 8 bucks. Definite target for crime.

 

I'm pretty sure that is required by law - doesn't mean it makes sense though.

 

Whose law? Definately not common law...

Which means that it probably contradicts a whole number of privacy laws which means its probably unconstitutional anyway.

much like most other 'laws' used by the state to police people... 100% illegal but they dont care.

 

The right of an aggrieved party to recover stolen property is actually pretty well established in common law.

 

Long stretch...

 

At the risk of repeating what has been said already , i have up until this point only dealt with the Perth Mint , and i have only been given an Austrac form for over $10.000 , the same total for travel declaration .
Transactions over $5.000 are the same as banks etc , any money movement over that amount and ATO has to be notified .
It was explained to me by a staff member at the mint , that everyone is entitled to a one off transaction of under $5.000 without ID requiremnet , but i think that is a business policy , not a law .

If silver is not a currency , am i right to presume that it is not required to list it as an asset when lodging your tax return ?

 

Banking computer systems automatically compile a data bank of all transactions over $ 5000 as a requirement of the ATO , i presumed a government backed mint would have to meet the same requirements , I cant speak for the private dealer .
Austrac is a partner department to the ATO along with others , It not only detects major crime , terrorist funding , money laundering but also " tax evasion " and works closely with the tax department .

I hope that is helpful...

 

So you reckon someone can sue you for just printing their terms of trade? What's their loss? Nothing. So the threat is, as usual with most legal threats, meaningless and no court is going to award them a brass razzoo.