Hi all, Newbie question alert. I was thinking about buying some of these from the USA mint. Just wondering is there any tax or duties to pay to import them. And if you did have problems with custom can people let me know how did they go about resolving them. Thanks
I meant I wanted to buy some 1 oz 24k buffalo. Will there be tax and duties for it to be shipped to australia.
I believe there is no tax on PM but there are smarter guys here who would definitely give u the correct answer Alternatively u can search the DB as Im sure this question was covered before ...
The easiest way would be to jump on a group buy when maggie orders from Ampex, hassle free and at a good price.
There shouldn't be any tax but if the imported value is over $1000 you can often have problems. You may have to pay GST to get them out of customs and spend months trying to get it back. Maggie has been through the process and gets the GST back straight away. I agree, get in a group buy - apmex does sales with a small % over spot for gold ase. Pretty good deal.
These coins are GST exempt, but couriers often erroneously charge GST because that's how they handle 99% of imports. FedEx was the worst offender for this, but I believe that things have improved.
So sounds like the best person to speak to if you're charged with GST is maggie. Im actually looking to get 1 oz of 24k gold so it will be over the $1000 point where trouble can occur. As great as the group buy is, I actually prefer to do things on my own as this way it would be a good learning experience. Maggie (or any1 else who's had experience) if you're reading this can you explain to me the process for quickly recovering any duty or GST charged. Thanks all. This forum is so helpful and willing to share their knowledge. Much appreciated.
http://forums.silverstackers.com/to...-tax-gst-on-precious-metals-in-australia.html http://forums.silverstackers.com/to...ly-for-a-private-gst-ruling-from-the-ato.html will be a good start for you since you want to do things on your own
If it's 999 fine or purer, no GST. But if you are importing anything worth $1,000 or more, there is a customs fee of about $60 for their "time" to assess your package and work out how much GST is payable (even in your case being $0). You usually get a call from the courier company saying you have to pay the $60 odd fee before they will delivery your package to you.
What? The retards take 4 hours to work look it up? What are they doing? Translating ancient Greek to Egyptian Hieroglyphs to English?
I thought GST was payable on any purchase over $1000. So 24k or 9999 bullion over $1000 is exempt? Also proofs attract GST no matter the $ amount and even if 24k - 9999? I don't get that one.
Thanks for that link Goldpelican. But it's made me more confuse. Because I wanted to purchase gold proof buffalo that are 24k gold. Which means there are two components of that coin that falls between GST and non GST charges. One being it's pure gold so it doesnt attract GST. But on the other hand it's a "PROOF" coin so it attracts GST. So at the end of the day, the question is would this 24k gold proof buffalo be liable for GST??
***WARNING*** Gold Buffalo coins can be very addicting..... you just can't buy one, you need a herd! LOL!
Proof = GST. No getting around that - it's explicitly mentioned in the GST rules that proof coins (regardless of karat) are liable for GST.
Hehe I want a herd!!! Thanks Goldenpelican Makes it very expensive to buy buffalos, no wonder why not many are sold here.
I can remember back in 2006 when I bought my first Buffalo. It was a bullion one and I bought it for the expensive price of $650!!!! That was about to break the bank for me at that time. Then I saved up and bought a proof for the eye popping price of $800!!! Now how I only wish I could get those for that price again. Who would have guessed back then that was going to be a bargin price. I still collect them, but had to sell off my bullion ones to help pay for the proof ones which I feel have more value due to their lower mintages. The 2011 proof is still on sale and only has a mintage of a tad over 25,000. This makes it the second lowest in the series, second to the 2008. My advice is to bite the bullet if you can and buy it. Prices are only going to go up.
I only have a few of these but they are among my favourite designs. The US nortoriously mints boring repetitive coins. The gold Buffalo and silver Indian Heads are the exceptions. Very nice coins to look at.
