The above is just my fear every time I hear politicians talking about increasing tax receipts through in increase or broadening to GST. The UK already has GST on silver, so you can bet it will be considered at some point.
I'm just channeling government policy from a potential future that I hope will not come about, but fear every time I hear politicians pushing for changes to GST, such as now with the conversation around increasing GST to 15%. They are never satisfied and always want more more more.
Money (not a promise to pay) itself can not be taxed, The Govt could write a statute concerning this but has no lawful foundation and would not be constitutional. The settlement of debt is gold and silver - right in our constitution, real capital, not a promise to pay paper/digital note. The equitable property owner, holder of gold/silver can not be taxed for simply owning it or purchasing it. That would be unlawful. They would be breaking the law, and should they try this would be theft by deception.
Just updated my previous post. My point of view is that this is theft by deception. Happens all the time.
I could be wrong here of course, but that is where I think it correctly sits. Requires a proper investigation to cite all the relevant laws
So if we take our purchases o/seas we ll get a gst refund Sooner or later government will do anything to cover cost of debt interest, aging population pension money and dole money etc... Sell sell sell all government assets Tax tax tax bottom shelf population Im not surprised
Opinion on how such an imposition would apply on existing holdings e.g. say I have 5000 oz of pre-GST silver, would I have to charge and remit GST as I sold it? If not, the imposition would hand existing holders an instant 15% gain. Can't imagine the govt liking that, either.
Increasing GST to 15% fro 10% would be mildly inflationary as there would be more $$$'s chasing the same amount of goods (regardless of if its silver or anything else). That should be positive for pre-GST silver holders as our metal will retain its purchasing power once that inflation settles. It's a good thing - but it will take some time for that inflation to settle into the system. As for purchases made after the GST ruling, we will be paying with inflated money - so those new purchases will put us where we are now with our AUD silver relative to other goods and services.
What about trading on ebay? Surely private silver would be classified as 2nd hand goods and not subject to GST?
