Public Message from South Gippsland Bullion.

very much so, in competition with fiat and against fiat see the new case for gold

"dispelling the decades old arguments JR additionally dispels myths such as:

That John Maynard Keynes Called gold a "barbarous relic" (he didn't),
That there is not enough gold to support finance and commerce (there is, it depends on the price),
That the gold supply does not grow fast enough to support world growth (it does if we are looking at real growth),
That gold caused the Great Depression (it didn't, it was the Fed in charge of managing the money supply),
That gold has no intrinsic value (it doesn't but neither has the theory of intrinsic value)."

the WAR on cash, would push scared people back to gold, now GST slapped on that intention of MOVING into is an immediate punishment that would strongly discourage scared people back to Treachery (bonds safe ) :lol:

either way, ALL shall get the BAIL IN
ATO needs you, ATO can't live without you, your asset is importante to us (ATO), without your asset we (ATO) would not be needed. it's all for the come on good

 

It's all relative really !
Our stacks have just gone up, or going up 15%

 

not until the like of the perth mint start charging gst on bullion.( which they wont)

 

Hi Jester, This GST issue is very serious and may change the industry - the retroactive aspect to this ATO ruling is the real problem for dealers and stackers.

for example not understanding GST law I ask the question.

Can a dealer go back retrospectively to the customer and collect the GST that was not collected when the transaction was completed and would the customer be allowed to nullify/return the item.

 

Pushed wrong button
That would be a hoot
Transaction would be final no comebacks on customer
The dealer well that's now in contention within the ATO

REDBACK

 

No, that is why this is such a big issue for dealers, it comes directly out of their pocket and could bankrupt them.

 

Ok bit of an update. We have de-registered for GST as we can now keep our turnover low enough, this will allow us a bit of movement to sell some items without having to charge GST, we want to get rid of the last handfull of SGB rounds still here.
An audit of another dealer who has the same auditor we had is still underway and we are watching that very closely. You cant have two sets of rules.
Perth mint has approached the ATO on this subject, not sure how its going.
My first thoughts on all this was its a witch hunt targeting us for the dissent series.
The pending Audit results from the other dealer will be interesting.
Obviously the bullion industry is in the spotlight at the moment if you read Bullion Barrons thread - lucky we never bought scrap gold!!!!

 

PS, contact us here at silverstackers as we have closed down the email account.

 

The Instector-General of Taxation (IGT), who has the responsibility of overseeing the ATO, is calling for submissions on a range of issues one of which is the ATO's handling of GST. It maybe an opportunity to raise this issue of GST and bullion.
I'm sure there are a lot of other submissions that could be made on the workings of the ATO.

http://igt.gov.au/our-reviews/our-work-program/

OUR WORK PROGRAM CONSULTATION

As the reviews on the IGT's 2014 Work Program are currently being finalised, the IGT is calling for submissions to develop his Work Program for 2017.

Work Program 2017 Call for submissions
The Inspector-General of Taxation (IGT) is once again calling for submissions to develop a work program of reviews for 2017 and beyond. Development of the work program occurs periodically and, historically, it has involved an extensive public consultation process to identify and prioritise systemic tax administration issues which may warrant investigation.

Moving forward, the program of reviews will be increasingly informed by the complaints handling function which was transferred to the IGT on 1 May 2015. This expanded role has provided specialised assistance to the community for resolving their complaints about the actions of the Australian Taxation Office (ATO) and the Tax Practitioners Board (TPB). It also provides real-time insight into emerging issues and an opportunity to address problems before they escalate into major causes of taxpayer discontent.

As the complaints handling function is continuing to develop, the IGT will consult widely to develop this upcoming work program as well as draw on themes emerging from complaints. It should be noted that some of these emerging themes, such as debt collection, superannuation guarantee and service and support provided to tax practitioners, have already been the subject of recent IGT reviews.

Issues arising from the complaints handling work may be quite discreet and benefit from shorter and more targeted reviews than the more comprehensive reviews conducted by the IGT in the past. It is, therefore, likely that the type of reviews on the upcoming work program will range from being quite targeted to more comprehensive.

Your submissions regarding review topics are welcomed. To assist you in this regard an example of a potential topic for each type of review (that has already been brought to the IGT's attention) is set out below:

examining the Pay As You Go Instalments system in a targeted review to identify strategies for reducing the compliance burden, improving administrative efficiency and minimising the risk of confusion and misunderstanding;
investigating the ATO's management of Goods and Services Tax (GST) refunds in a broader review; and
in a more comprehensive review, exploring how the ATO can maintain a flexible approach and naturally engage with the community whilst continuing to promote consultation, consistency, certainty and transparency.
The IGT will also consult with a range of public sector stakeholders including the Commissioner of Taxation, the Chair of the TPB, the Treasury and the Auditor-General.

Ultimately, the topics that are selected for review are those with the most potential for making tax administration fairer, simpler, more transparent or more efficient.

How to lodge a submission
The closing date for submissions is 9 December 2016. Submissions can be sent by:

Post to: Inspector-General of Taxation GPO Box 551 SYDNEY NSW 2001

Email to: [email protected]