Been looking through the posts on importing silver and so long as its 999 fine, no GST. If you import less than 999 fine then you cop 10% GST. I couldnt see anywhere however if you order less than $1000 in value of Sterling for example if this is GST exempt? The information I have seen states that if its less than 999 fine then there's the GST but nothing about the $1,000 threshold for imports? Can anyone enlighten me or have a link?
The $1000 threshold on imports applies to everything - sterling silver, toasters, shoes, etc. If you're ordering less than $1000 worth of "stuff", you don't pay GST on it.
Also, something tells me the "threshold" is not .999, it is .995 - I cannot recall where I read this, however (EDIT: I know sterling is less than .995, but just wanted to mention this here in case it was of use when you're scouring for items)
I rang Customs this morning and was told that anything over .995 does NOT attract GST OR import duty - gold or silver. Knowing how difficult it usually is to get info out of Customs when it comes to importation queries I'd personally be getting a second opinion from the experiences of those who've imported directly, even though the horse's mouth has already tried to reassure me!
The term 'precious metal' is defined in section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999 (the GST Act). The section provides that 'precious metal' is: 1. gold (in an investment form) of at least 99.5% fineness; or 2. silver (in an investment form) of at least 99.9% fineness; or 3. platinum (in an investment form) of at least 99% fineness; or 4. any other substance (in an investment form) specified in the regulations of a particular fineness specified in the regulations.
In addition to Grinners' post, although "in an investment form" isn't specifically defined in the Act, the context of a metal's form & usage determines it. Therefore "... 'in an investment form' means the metal must be in a physical form that is capable of being traded on the international market for that metal by traders in that metal in that market. The relevant traders are therefore the banks, bullion dealers, commodity brokers and stockbrokers that generally deal in gold, silver or platinum in the bullion market". (see http://law.ato.gov.au/atolaw/view.htm?docid=GST/GSTR200310/NAT/ATO/00001).
I found this link (http://www.ato.gov.au/content/13193.htm) in ATO that says "precious metals". "Are all importations taxable? Some goods imported into Australia are not subject to GST. These are: * goods that would have been GST-free or input taxed if supplied within Australia, such as basic food, certain medical aids and appliances, cars for use by certain people with disabilities, and precious metals, and" ... So, can I safely assume that I can purchase Gold / Silver from overseas without being taxed? Has anyone imported before? Can you share your experience on how long it takes to clear the customs and if there is any intricate issue(s)? Thanks.
^^^ Yes. You can bring in as much gold (long as it is .999 fine) and silver (long as it is .999 fine) and you dont pay any GST or import duties. But remember that Sterling silver (0.925 fine) and any other silver than is less than 0.999 fine is taxed at the GST rate of 10%. Also remember that gold that is not 0.999 fine like Sovereigns OR the US gold Eagle are tax at the GST rate of 10%. If you buy gold or silver that is less than 0.999 fine you can only bring in less than $1,000 worth if you dont want to pay the GST.
And if you are buying less than 995 silver from say Europe then keep your receipts, fill in the forms as you leave for home @ the airport & give em a debit card or credit cardnumber to refund the VAT rebate (20% in UK!) to - then you won't be hit twice if you get charged GST on entering AUS for say 925 (sterling silver)
