Does anyone know if there are any rules related to bringing investment grade .999 + purity investment bullions into the country? Will you need to declare it like cash if its worth more than $10000 or is there any limit/documentation needed? Will the ATO/Austrac take an interest if you bring in large amounts etc.. Also whats the deal with legal tender coins - do these count as face value or spot price value with respect to bringing legal tender coins into the country?
Touch base on the above question but in regards to domestic flights as i may have have to 25 ounces of silver with me. Do i need to document anything or can this just be stored within my carry on baggage? Cheers, HAPPY STACKING
25 oz is hardly a big amount. I'm talking about amount worth more than $10000 if converted to spot price.
Can I bring into or take out of Australia coins, medals and bullion? Gold and other coins If you have gold coins or other coins that are still used as currency, you can bring into or take out of Australia as much as you like, duty and Goods and Services Tax (GST) free. However, you must declare the coins to the Australian Customs and Border Protection Service if the value of the currency is ten thousand Australian dollars or more ($10,000), or the equivalent in foreign currency. If you have gold coins or other coins that are not currently used as currency, the coins are treated as a normal importation. This means that the coins will be assessed for duty and GST. If the coins are part of your personal effects that you have owned and used for more than 12 months, the coins may be free of duty and GST. From: http://customs.gov.au/faq/ProhibitedRestrictedGoods.asp#Q76
Yes but that thread doesn't answer my questions: Do you have to report investment bullions when bringing them into the country if worth more than $10000 (spot price value)? The customs site generally talks about investment grade bullions being not subject to GST. How about reporting requirements to ATO/Austrac if any? - I don't want to risk having my precious metals good seized if I were to purchase > $10000 of bullion products from overseas one day. Also do the rules change for PM legal tender coins with face values? - do I need to report?
Lol i know 25 ounces isnt a big amount, i meant referencing to when taking over national or international. Cheers, HAPPY STACKING
Far more likely to have them seized if caught not declaring them and it was required. See http://forums.silverstackers.com/message-648184.html#p648184 for some links that may be relevant. Don't bring in non-pure coins or you are likely to have GST assessed.
Just declare it on your customs form and have the receipts handy. You need to declare if you have more than $10,000 cash - I'm pretty sure they'll see this like you are trying to circumvent the system if you don't give notice.
I just flew into melbourne last night and customs chick said if it's over A$1,000 I have to talk to a customs broker prior to leaving Australia for a trip(no next time for me in the foreseeable future anyways) I'm curious anyways so might just search the net to see if I can find the process when I get some time
I found this over at the Australian Customs website: http://customs.gov.au/faq/ProhibitedRestrictedGoods.asp
I'd be curious to know if that $10,000 limit in currency is face value? There's a HELL of a lot more value in 10k face value platinum $100 coins than 10k, similar story for certain gold coins.
As far as I know, the face value of legal tender is what matters. I know that I can spend a Kook legally in Australia - but only for its face value. Also, further information from the Australian Customs site:
Have to remember not to bring in any .900 or 22k coins like old sovs or Austrian ducats. I wonder how they would deal with foreign currency like $8000 in ASE's that's current US currency and under the 10k aud reporting minimum. Apparently the strict Indian gold taxes make allowences for people who have been overseas for a while (6 months or a year) to carry a kilo into the country free. I read an article saying that 300 odd out of like 320 people on a plane from Dubai to Mumbai had a kilo of gold on their person. Creak crazy.
There is no clear answer on this matter. Taxation is something apart: if you bring in pure silver and gold that's out of the equation. Now the face value thing: from looking into it, no where is it mentioned this is what is accounted for. At the end of the day I guess you could try and play it dumb arguing you were reporting face value, but if you think customs won't see you come, you are mistaken. You will be looked upon suspiciously without a doubt. Best bet is to declare it's face value and have proof of ownership where possible. Also a good idea to bring in less than 10k worth but I would still carry proof of ownership. I personally think it's such a hassle I would not try to do it, unless it's under 10K. With customs it's the lottery: you never know what officer you gonna get, what mood they'll be in and how they'll look at your stack.
