Hi guys, heard a few people are having problems getting hold of 1kg bars. I've just been in to Guardian Gold and Jenny has stock. Giver her a buzz on 03 9606 0588 and tell her Dan sent you. The best vault facility in Australia too if you are looking for storage. Dan
I went to ABC Sydney again last week. The got a couple of 1kg silver bars in stock to my surprised, so I quickly grab them both. Some of their customers probably just sold their bars.
I never heard of Guardian Gold until I read this. Do they ask for ID for under 5k purchases? Can I actually buy over-the-counter anonymously?
The FTR Act also provides revenue and specified law enforcement agencies with general and specific access to financial information. These agencies are: Australian Customs Service Australian Federal Police Australian Securities Commission Australian Taxation Office National Crime Authority Criminal Justice Commission of Queensland Independent Commission against Corruption, New South Wales New South Wales Crime Commission Royal Commission into the New South Wales Police Service State and Territory Police Forces of Australia State and Territory revenue authorities — since May 15, 1997.
Protection of the bullion seller and its officers 17. The Financial Transaction Reports Act 1988 contains two important protections in relation to reports of suspect transactions made pursuant to section 16 of the Financial Transaction Reports Act 1988 or section 243D of the Australian Securities Commission Act 1989 (ASC Act). 18. The first protects a bullion seller, or an officer, employee or agent of a bullion seller, against any action, suit or proceeding in relation to the reporting process. 19. Whereas in the past a duty of confidentiality would operate in many cases to preclude reporting of a suspected illegality, there is now an overriding obligation to report under the Financial Transaction Reports Act 1988 and the ASC Act. The protection removes the possibility of a damages claim for breach of client confidentiality in complying with the reporting obligation. 20. Subsection 16(5) protects a bullion seller from the consequence of compliance, even in circumstances where the bullion seller is mistaken in its belief that there was an obligation to lodge a Suspect Transaction Report.
So it's not law to collect personal details on small transactions under 5k, if I am reading things correctly. Thanks for that Big A.D. I don't like giving my personal information to every Tom, Dick & Harry.
Basically they do whatever they want you can not do anything about. I could not find any reference on the net that the $10000 limit was reduced to $5000
Vote with your feet BBQ, There are plenty of highly-trusted, reputable, small traders on this forum whom don't demand such info. and are thankful for your custom. And I tell you what, their customer service kicks the established dealers collective arses! (With the exception of Peter Davis... I heard nothing but praise for him.)
Bullion dealers are specifically required to undertake customer identification procedures for purchases over $5000, but do not need to report the transaction to AUSTRAC unless it is "suspicious". Threshold transactions ($10,000 or higher in cash or ecurrency) need to be reported. "Ecurrency" is online currency (e.g. gold grams type payments), NOT direct deposit, credit card, bank wire etc. AUSTRAC care about CASH transactions, not any transactions. Identifying customers for under $5000 purchases is OPTIONAL for dealers, but allowed. Some dealers choose to implement this identification regime for all purchases, and they are ALLOWED by law (unless the Privacy Act overrides - yet to be tested in court AFAIK), but they are NOT REQUIRED to. Vote with your feet and wallet if you do not agree with an individual business's identification policies for sub-$5000 purchases.
is it better to buy under 5k so there is no chance of government ever trying to get u to pay tax on it or ever knowng that u own silver, should the government ever change its mind or changes the law on pm investing.
FYI: http://www.austrac.gov.au/rg_11_bullion.html The relevant document is Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2009 (No. 2) which adds an exemption from reporting transactions less than the $5000 to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Guys I think we're all missing the point here. It's not about trying to dupe the Government out of tax dollars, it's about building wealth for ourselves in the future. I know no-one likes to pay taxes, but let's put it into perspective. I'd rather have the problem of paying tax on capital gains then worrying where my next meal was coming from. If you don't have to pay tax then that's fine, but let's not go down the path of tax evasion just so we can make a few extra bucks. This is a great investment forum and a fantastic resource, so let's keep it that way.
Not sure about Guardian procedures. Ring them and find out. What I can tell you is that they are BY FAR the most professional bullion business I have dealt with.
Are you under the assumption of CGT on PM is just? CGT on PM is as JUST as (hidden) Inflation Tax! Need I remind you that PM does not "Gain" anything, the so called "Gain" in PM is actually the value you WOULD'VE lost under inflation should you stay on Fiat currency. Government makes the rules and change the rules and they are not to your advantage.
Please don't make posts on here advocating tax avoidance. You place ALL members privacy at risk, including those who are doing the right thing. Many people choose to buy bullion "off the record" for personal security reasons, not tax avoidance. Otherwise it could very easily lead to someone at the ATO thinking "Hey, here's a website with a bunch of Australians talking about skipping paying CGT. Let's investigate!" and 700 members get their privacy violated because of the postings of 1 or 2 members.
As goldpelican says, its more of a privacy issue than a tax issue. Once you hand over your ID, you've got no idea what happens to it. It should end up sitting in a secure filing system at the dealers, but it might end up somewhere else being used for nefarious purposes such as setting up a bank account or credit card in your name. A detailed profile of your purchasing habits also has the potential to be seriously misused. To illustrate, there was a security company in Sydney a whale back that was scanning the IDs of people entering certain "problem" nightclubs in case they were later found to be causing trouble in the venues. It turned out that the security company was just dumping them on a portable, unencrypted hard drive at the door and later sending them, unencrypted, to head office were they were merged in with IDs from all the other venues and stored, again unencrypted, on a web server with the password stored in plain text in another file that anyone could see by looking at the website's directory structure. That means a full copy of your name, address, date of birth and photo ID was out there waiting to be stolen and all for the privilege of being able to drink expensive booze in a violent nightclub. The ATO at least have to follow procedure if they want to go after you. For everyone else out there, you're fair game. Be worried about everyone else.
Have to agree Dan, was a very pleasant visit to Guardian, remarkably secure place to store bullion with excellent customer service... not to mention they actually have bullion in stock not backorder at the moment! For those interested, it requires passcode, swipe access, photo identification and biometric scan to enter the vault area...
