The Australian Federal Police and tax authorities have conducted searc

Discussion in 'General Precious Metals Discussion' started by TheMainMan, Oct 31, 2013.

  1. TheMainMan

    TheMainMan New Member

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    Was wondering if anyone could shed more light on this little article in today's Media...

    http://www.abc.net.au/news/2013-10-30/gold-gst/5058294

    "The Australian Federal Police and tax authorities have conducted searches of gold bullion companies for alleged GST fraud worth more than $65 million dollars."

    ..

    As there is no GST on bullion, the only thing I could think of, is there going after the GST on Numismatics...

    mmmm'?

    :|
     
    TheMainMan, Oct 31, 2013
    #1
  2. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    Third post about this subject
     
    spannermonkey, Oct 31, 2013
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  3. TheMainMan

    TheMainMan New Member

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    Link? to... ?
     
    TheMainMan, Oct 31, 2013
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  4. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    One of them is in the members' only area.

    Some nice theories but no one really knows anything beyond the press release.
     
    Jislizard, Oct 31, 2013
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  5. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    spannermonkey, Oct 31, 2013
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  6. Andy28

    Andy28 Well-Known Member

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    Where is the line drawn between numi and bullion?
     
    Andy28, Oct 31, 2013
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  7. SA Gold Traders

    SA Gold Traders New Member

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    I think the issue lies when buyers buy scrap from the public and claim GST and then have it refined and sell it as bullion and sell no GST. the ATO take dim view about changing an item from a GST item to no GST item thus collecting gst back.
     
    SA Gold Traders, Oct 31, 2013
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  8. Yippe-Ki-Ya

    Yippe-Ki-Ya New Member

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    The mafia doesn't like competition...
     
    Yippe-Ki-Ya, Oct 31, 2013
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  9. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Surely the cost of refining would be a business expense and you would want to claim that back?!
     
    Jislizard, Oct 31, 2013
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  10. TheMainMan

    TheMainMan New Member

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    I think its tough titty to the ATO... if it's refined to investment grade 995 then it's GST free... nothing they can do about that... unless they want to make the laws up too... They can't dictate the manufacturing process and I'm sure other GST free items contain GST ingredients.

    anyway will continue this conversation on the link...
     
    TheMainMan, Oct 31, 2013
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  11. John Citizen

    John Citizen New Member

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    why doesn't gregory shed some light on us... Mr Williams, pls explain pls
     
    John Citizen, Oct 31, 2013
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  12. Greg Williams

    Greg Williams Well-Known Member Silver Stacker

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    OMG :eek: :lol: If it was me, I would be making too much money from bribery and corruption.
    I wouldn't have time to spend all day on a silver forum & scrimping, eating noodles so I can save for my next 10oz bar :mad: that i ordered today :D
     
    Greg Williams, Oct 31, 2013
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