Public Message from South Gippsland Bullion.

Yeah - cos that's paying so well at the moment!

malachii

 

Sounds like some serious new regulations being put into place before being announced publicly.

 

I'm guessing the ATO is on a revenue raising rampage and GST on bullion is the current target.

 

My guess is that AUSTRAC wants the customer details for every single transaction.

 

Our paperwork has arrived.
We are just checking the legality of Sharing it with the rest of the industry and then publicly.

 

Will still be around, will still buy pm's.
No not offloading stock, no liquidation etc, etc, we are simply closing the doors. The ABN and bank account will remain active while we finish things up, but all sales of precious metals has ceased as of 10/5/16.

 

that's what crossed my mind initially.
Not a crook so no worries.

 

Not a crook today, but could be later if they outlaw gold bullion ownership again. Or they deem anyone owning PMs to be a potential terrorist or money launderer, and your PMs are confiscated until you can prove your innocence.

 

Sounds like silver & gold shot could become all the rage if this is what people are guessing it is.

 

hang in there Iceblue

best wishes

 

DISCLAIMER: South Gippsland Bullion deems all our recent correspondence with the ATO to be fair and reasonable. Any opinions expressed via silverstackers members in his thread are not those of SGB.

We recently went thru an audit from the ATO.
The auditor found SGB in breach of the GST act.
Basically we should have been charging GST on bullion which entered the retail market.
As of the 10/05/2016 SGB would have to charge GST on sales of bullion going into the retail market - you the consumer.
You can see now why we are closing down.
Several bullion dealers both small and large are going thru the same process with the ATO. We wish them luck.
The bullion industry is not taking this lightly.

Thats all Iam prepared to tell you all at this stage.
Once again thanks to everyone that has supported us and thanks for the well wishes.
Iceblue.

 

Too much legislation for me to type out! We have always charged GST on proofs, anything not 999 etc, ALL Bullion products they said we should be charging GST on.

 

A good topic for CK to speak about at the next Melbourne meeting!

 

WTF?

 

I think its the difference between generic bullion coins, minted in the hundreds of thousands, and collector bullion coins, minted in the thousands or hundreds.

 

No. Its about the "Characteristics".

 

Includes, Coins, Bars and rounds.

 

11. To be the metal gold, silver or platinum, the item must have the character of the metal rather than the character of a thing made from the metal. Items such as jewellery that happen to be made of gold, silver or platinum are not gold, silver or platinum for the purposes of the definition of precious metal in the GST Act. They no longer have the character of the metal gold, silver or platinum. They have the character of jewellery made from gold, silver or platinum. They are therefore not precious metal for the purposes of the GST Act.

12. A factor that can point to whether something has lost its character as the metal gold, silver or platinum is whether it is traded at a price that is determined by reference to the prevailing spot price for the metal. If something is not usually traded at a price determined by reference to the prevailing spot price of its metal content it is not being traded for its metal value only. This suggests that it does not have the character of the relevant metal. It has another character. An example is proof coins. As noted at paragraph 38, proof coins are traded at a price that reflects the quality of the finish over and above what is necessary to trade the metal value. The price is not determined solely by the metal value of the coin. The price is determined by reference to the spot price and by reference to the quality of the physical characteristics of the coin.F1 The latter indicates that proof coins are not traded for the metal value only and therefore indicates that they do not have the character of the metal, but rather the character of manufactured articles, that is, coins made from the metal. This means that proof coins are not precious metal.

 

Unallocated?