Anyone bought from APMEX before and had shipped to Australia? They have a $1,500 minimum you must buy per transaction which is over the $1,000 GST free threshold so just wondering if anyone has run into problems (ie demand for gst) from customs trying to get their coins in ?
I suggest calling them and talking to someone about how flexible they are. For example, Gainesville have a $2,500 minimum wire transfer amount. But by calling them and talking to someone, I could arrange for a wire transfer for much less.
hey matthew, my friend ordered twice. he says online tracking is awesome, and had delivery in less than 2 weeks. each time you get a phone call from the courier (UPS). they identify if you are buying to resell or for personal use (determines the fees you need to pay - obviously for personal use the fee is lower). then re GST: first time he was made by UPS to pay GST (probably because he didn't have the information on hand to argue that he shouldn't be paying GST, caught him off guard). so he gave them credit card details over the phone so they'd release the package. second time he got it right and the UPS guy pretty much knew that he didn't need to pay GST. UPS emailed a form to complete, scan and send back, and that ensured he didn't have to pay the GST. the form says the following, ask for it if you have any problems: ---------------------------- Australian Business Number.. We hereby instruct UPS Pty Ltd to claim GST Free Entry for all imports from .. OR only Tracking number ... We declare that these import shipments are a precious metal and we are entitled to claim GST Free entry according to Australian Taxation Office GST Ruling 2003/10 summarized below and at http://law.ato.gov.au/atolaw/view.htm?docid=GST/GSTR200310/NAT/ATO/00001 Precious metal means Gold in an investment form of at least 99.5% fineness Silver in an investment form of at least 99.9% fineness Platinum in an investment form of at least 99% fineness Investment form for the purposes of the GST Act Is capable of being traded on the international bullion market, i.e. it must be a bar, wafer or coin and Bears a mark or characteristic accepted as identifying and guaranteeing its fineness and quality and Is usually traded at a price that is determined by reference to the spot price of the metal it contains. GST Act Section 38-385 A supply of precious metal is GST free if (a) it is the first supply of that precious metal after its refining by the supplier, and (b) the supplier is a refiner of precious metals, and the recipient of the supply is a dealer in precious metal who acquires the precious metal for investment purposes. Note: Any other supply of precious metal is input taxed under section 40-100 Signed.. Date.. Name Position. ---------------------------- both times he shouldn't have had to pay GST. so trying to get GST back from the first transaction is now on his "to do" list... overall - do it, their range is great.
Hi goldpelican, nice to meet you. --------------------------------------------------------------------------------------------------------------------------- http://law.ato.gov.au/atolaw/view.htm?locid='PAC/19990055/38-385'#38-385 A New Tax System (Goods and Services Tax) Act 1999 Chapter 3 - The exemptions Part 3-1 - Supplies that are not taxable supplies Division 38 - GST-free supplies Subdivision 38-L - Precious metals 38-385 Supplies of precious metals View history reference A supply of *precious metal is GST-free if: (a) it is the first supply of that precious metal after its refining by, or on behalf of, the supplier; and (b) the entity that refined the precious metal is a *refiner of precious metal; and (c) the *recipient of the supply is a *dealer in precious metal. Note: Any other supply of precious metal is input taxed under section 40-100.
Thanks for sharing the info bsides, that was quite helpful. I am impressed with APMEX and keen on buying some silver bars through them. I have purchased from Scottsdale and First Majestic before and have kept my orders below $1000. I haven't gone over the threshold yet, but after reading the posts in this forum, I am more willing to give it a go. From what I understand, your friend's experience (2nd time ordering) was a relatively hassle-free experience. In relation to the form UPS asked to be filled out, it asks for an ABN? Do you know if UPS will accept the form if you don't have an ABN? I called UPS today and spoke to a customer service rep, but she didnt know anything. I asked to be transferred to their import rep but she wouldnt do it. She said, you only deal with them once you have an order. Also, it would be great to hear about other's experiences here ordering from APMEX and if they experienced any issues with UPS or customs.
Thanks vaunt! Yes the second time was completely hassle free. You can leave the ABN line blank and UPS will accept it. It's hard to see on this webpage, but the form is giving 2 options - one of the options is ABN, the other option is just the one-off tracking number. Enjoy.
Thanks bsides, Based on your info, I feel more comfortable ordering from APMEX and will put an order in the next few weeks. I was concerned that I will get screwed over with the GST, based on some of the stories I have read on this forum.
A mate of mine placed an order with APMEX on Friday. I've helped him with all the information in relation to the GST on his order in case UPS tries to charge him GST, which no doubt they will. From what you guys have said though it seems like a straight forward process with the form. I'll let you know how it pans out when his order comes in.
I ordered over $1,000 from APMEX last week, paying by wire transfer Monday, let you all know how it goes with the GST.
I like their stuff but by the time you jump through the hoops & pay their fees & or charges (as above for example) it seems like i could do better per Oz locally, either that or I'm just to lazy.
Depends. I just bought 50 x 1oz Lunar Ox from APMEX for $34 a coin. In Australia you are looking at $42 at least. $42 x 50 = $2100. $34 x 50 = $1,700. A $400 saving. Even with postage etc, you save quite a bit on the larger orders.
All depends on what your willing to pay in the first place i guess, until the spot price gets to maybe 40.00 i wont to paying $42.00 for an ounce of Silver. I'm more interested in getting volume stacked away first. Congrats on the good deal however.
good info regarding GST... i'm hoping to get into a bit of silver trading with bulk buys and reselling at a small premium and i've just applied for a contractor ABN so i think that mostly covers me on that point. i would probably prior to this just have split my orders up into chunks or had a good chat with the seller to make multiple shipments per order and charge me for the extra postage but being able to just skip past the GST helps a lot. if they don't make ppl pay gst on stocks i don't see why it should be any different for numismatics or bullion.
Paid for my APMEX order today. Just to give you an idea of the "real" costs for their coins. Ordered 44 coins, listed on their site for $US34.12 a pop. After you pay postage, weight surcharge, exchange rate and wire transfer fees, it comes to $A37.38 a coin delivered to my door. Still better than the $42-45 + post being asked for them in Australia.
I received an Order over $1000 from Apmex on Monday. UPS called me when my parcel arrived in Australia. He asked what kind of Gold/silver. Told him it is bullion and that it's GST free. He told me that it comes under exemption code "LPM". They will then email you a form to sign and send back. Only fill out track order no. put N/A for ABN and company name. (if you don't have ABN) Once you have emailed the form back another person will call and ask you to pay $66.15. This is for customs entry fee $55.20 and security fee $9.95. You pay this on any type of good that has been lodged with customs that is over $1000. APMEX Delivery $50 plus 25 cents per troy ounce. (US dollars) Australian cutoms fee $66.15 Minimum you will pay for delivery is $116, depending in the exchange rate. Apmex has a great tracking application and were very friendly to deal with. (maybe I just got lucky)
If you are shipping to Australia, yes. Why ob god's green earth they dont change it to $1,000 to accommodate the GST threshold who knows. Would surely increase their sales.
Thought so, I was looking at a few nice 10oz there under the $1k for ease of transacting & it wouldn't except the order. Oh well. Stick to the Kooks !
