New AUSTRAC enrollment requirements - will cover most, if not all bullion dealers. There is also a new "cost recovery levy" of $284+ per annum that will be leveraged, however there are exclusions based on the size of the business. See http://www.austrac.gov.au/new_enrol_req.html for more information. If you're "carrying on a business" in bullion dealing, this requirement likely covers you. I'm not sure whether they consider private high volume "flippers" to be in this category - might be worth a phonecall to clarify where you stand if you're deriving income from trading bullion as a private individual but acting as a "dealer".
Well the main change here is an enrollment requirement - previously there was no requirement to "register" with AUSTRAC as a provider of designated services, but as a business you still had obligations under the act. This covers all reporting entities, not just bullion dealers - however I suspect that they are starting to pay closer attention to the bullion sector due to the rapid growth of the number of small businesses popping up selling bullion.
They already know who is a licensed dealer, so this is plain silly... another money/control grabbing policy....
Just a reminder for all dealers on the forum - if you're carrying on a business trading in bullion, you MUST register with AUSTRAC before 28th November. I've already been contacted with "proof of compliance" queries with regards to ongoing customer due diligence programs etc - no-one is too small for attention. Focus on the bullion sector seems to be stepping up - make sure you're doing the right thing!
What a scam. SUPERVISORY LEVY. More money for people that don't work for it. As if your taxes weren't enough to keep these fat cats rolling in dough. Let me guess where it goes from here: SUPERVISORY LEVY increases next year. SUPERVISORY LEVY increases again. SUPERVISORY LEVY increases some more.
Most bullion businesses won't be subject to the levy from what I can tell. This post was being made as a service to the dealer contingent on the forum for public awareness.