Australian PM Purchase Reporting and Importation Prohibition

Discussion in 'General Precious Metals Discussion' started by Fat Freddy, Jun 12, 2013.

  1. Fat Freddy

    Fat Freddy New Member

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    There's an article of interest currently in Numismaster.com.
    See --- http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=26933&et_mid=622746&rid=2216045

    The article looks to me like a bald-faced blend of fear-mongering, speculation, distortions and flat out untruths, but two sentences that I found interesting are these:

    "Australia already has a prohibition against coins and precious metals being shipped into that nation by all means."
    "As I understand it, both Australia and Canada have requirements that customer purchases of precious metals be reported to the respective governments."

    So, the question is this -- In Australia, are you really required to report PM purchases to the government and is importation of PM's really prohibited?
    Or -- Is Numismaster.com just another fear-mongering crap website and is the author of that article full of it?
     
    Fat Freddy, Jun 12, 2013
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  2. goldpelican

    goldpelican Administrator Staff Member

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    False. Domestically, technically bullion is prohibited by many carriers due to liability and security concerns, but this is more "cover your arse" denial of liability in the event of insurance claims.

    *Many* tonnes of gold and silver move into the country regularly, imported by both The Perth Mint and private bullion firms. The Australian Tax Office wouldn't have private rulings on the importation of precious metals if it was illegal, and Australian Customs has an information sheet for travellers bringing precious metals into Australia advising that it is non-declarable if for personal use.

    Cash transactions over $10,000 used to purchase bullion are reportable - as they are for many other things. It's an anti-money laundering threshold - AUSTRAC regularly puts out advisories etc to designated service providers (such as bullion dealers), bullion never gets a mention.

    Importation of precious metals into Australia is categorically not prohibited.
     
    goldpelican, Jun 12, 2013
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  3. badhammy

    badhammy Member Silver Stacker

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    badhammy, Jun 12, 2013
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  4. bron suchecki

    bron suchecki Active Member Silver Stacker

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    I added a comment to that article refuting it and a link back to this thread.
     
    bron suchecki, Jun 12, 2013
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  5. fosinator

    fosinator Member

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    Just on the austrac thing, arent they supposed to be informed if you want to get more than $10k out in cash?My dad just got a new roof on one of his properties, cost $14,500.He went to get a bank cheque, they said $10 fee, he said I'll take cash then thanks.No probs walked out a few minutes later.I dare say Austrac was notified.He said the bank didnt ask what is was for either.
     
    fosinator, Jun 12, 2013
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  6. SilverStan

    SilverStan New Member

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    It is likely the bank had all the details they needed to report to Austrac already so they didn't need to get it from him.

    They are obliged to report under a Threshold Transaction Reporting requirement. You can find more info here if you are interested =>http://www.austrac.gov.au/rg_9.html (tip - search for the phrase TTR to skip to the relevant bit.)
     
    SilverStan, Jun 12, 2013
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  7. glam

    glam Member

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    Where would I find this information sheet. Is it new?
     
    glam, Jun 12, 2013
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