ATO stuns gold refiners with victory in $250m GST case

Discussion in 'General Precious Metals Discussion' started by Aurora et luna, Dec 20, 2019.

  1. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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  2. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Will be watching for the outcome of the appeal
     
  3. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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  4. sctpc

    sctpc Active Member

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    Also yet they have GST on the $200 22k coin that is official money.

    On another Note Ill Bet Perth Mint will Not have any claims from the ATO for back Tax. ABC should pack up and Make a deal with a neighboring Country who will not stab it in the back and then they can just sell bullion.
    Yet another industry being wrecked by Government.
     
  5. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    I remember last year the Tax Commissioner handed down a ruling that EBS were not refining gold because they were refining scrap gold:

    EBS was found to not qualify for their claimed GST tax credits because their business of purchasing scrap gold and transforming it into gold bullion was not considered by the Commissioner to be ‘refining’, refining being an activity which attracts tax credits under A New Tax System (Goods and Services Tax Act 1999 (Cth).
    https://www.lexology.com/library/detail.aspx?g=6c45c449-4f61-49f2-b224-a914c7ffe069

    Notice that the first sentence of yesterday's article sets up an association between gold and Middle Eastern crime: "a $1 billion tax fraud in the sector involving Middle Eastern criminal gangs."

    Its like they are trying to demonise gold.
     
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  6. alor

    alor Well-Known Member Silver Stacker

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    very much someone higher up has been funding criminal gangs with government money through their golden musk
     
  7. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Criminal gangs and the government... not much difference.
     
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  8. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    Those were the good old days for the $200 Koalas :)
    At the gold buyers, we had no problems getting spot + 5% for those coins
     
  9. sctpc

    sctpc Active Member

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    I was told by a dealer he bought them for 160 and would take them to the bank for 200, Now that would be a deal
     

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