Buying from US bullion dealers and GST?

Discussion in 'Gold' started by silverhair, May 2, 2020.

  1. silverhair

    silverhair Well-Known Member

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    Whats the go with buying bullion coins from North America, do they attract GST and import duties?

    Minted stuff like buffalos and libitards etc.?

    Local premiums are stiff on these puppies, yet i still want some for the stack
     
  2. black5wan

    black5wan Active Member Silver Stacker

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    No GST but if i remember correctly, some custom fees around 100 aud is required.
     
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  3. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    I could be wrong, but I was under the assumption that it only applied to imports worth more than $1K? I’ve done several orders under that limit and have never been stung.
     
  4. silverhair

    silverhair Well-Known Member

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    I thought I read it did not apply to legal tender bullion coins...
     
  5. alor

    alor Well-Known Member Silver Stacker

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    used to join group buys,
    sometime they buying proof coins with gst
    sometime coins bullion etc, non gst stuff
     
  6. Jason1

    Jason1 Well-Known Member

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    that is the old criteria, now its GST on the first $1.
    However Bullion is exempt from GST, as long as its Bullion and not collector Numi coins.
    Needs tobe correctly labeled on customs declaration or you will be charged GST
     
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  7. Chris_

    Chris_ New Member

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    Are you sure? Doing some googling landed me on the Australian Border Force's website with this:

    Collectable coins
    Collectors of coins consisting of gold, silver and platinum trade coins at prices determined by their rarity, condition and beauty. Collectors may acquire coins for investment purposes but they are not precious metal coins in an investment form. Importing coins with a value of more than AUD1000 is subject to assessment for GST but no duty applies.

    https://www.abf.gov.au/importing-ex...ting-precious-metals-coins-jewellery-currency

    I have no experience in this but would love to know if you can get 22 Karat Gold US Eagles without paying GST.
    Seeing as though they have US dollar face value does anyone know if you can bring it in as a foreign currency instead of a manufactured product incurring GST.
     
  8. Jason1

    Jason1 Well-Known Member

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    you would not get a 22ct coin GST free, 22ct Is not considered Bullion.

    "Precious metals meeting the minimum fineness when imported are duty and GST free. For more information see Australian Taxation Office website."

    So yes in that example of a 22ct collectors coin then yes it is as you say.
    But not for bullion coins like buffalo's and so on like the OP is asking about.

    It used to attract GST when over $1000 on bullion but not any more. only applies to your example which is not the OP's example.

    I have bought .999 silver eagles from the states with no GST. As they are 999 Bullion coins.

    https://www.abf.gov.au/importing-ex...g/cost-of-importing-goods/gst-and-other-taxes
     
    Last edited: May 3, 2020
  9. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Word of warning, ABF / Customs will try to hit you up for GST even on .999 as they think we'll just roll over pay it.....until you throw the ATO ruling at them. That was a fun week of email and phone calls. Unless I get a screaming bargain from offshore I'm not going through the import dramas again.
     
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  10. Silverling

    Silverling Well-Known Member Silver Stacker

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    Wasn't it user "Mint Silver Coins" that imported 999 silver and customs tried to hit her up for GST? She challenged it and had to pay for a $80 clearance form to be exempt from it? She wasn't happy.
     
  11. Silverling

    Silverling Well-Known Member Silver Stacker

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    I have found the article, link here. https://www.silverstackers.com/foru...ith-orders-over-1000.5363/page-4#post-1067207

    Part of the post from link above:
    So I was correct in warning that … (even if $0 - No duty, No taxes and No charges are owing on imports over $1,000 AUD) - buyers will still be charged $90* for Customs to process the N10 Import Declaration Form on all imports over $1000 AUD) $90* Fee - current as at October 2018 for Precious Metals imports over $1000 AUD - but this amount may increase in the future.
     
  12. silverhair

    silverhair Well-Known Member

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    Hmmm

    90 dollar fee on a 1000 dollar coin is basically get...close to same value

    I have been trying to talk myself out of buyinf buffalo coins but the urge to acquire will not go away. They keep calling me.

    Perhaps a small group buy is in order, we can share the 90 dollar fee for n10 clearance
     
  13. Chris_

    Chris_ New Member

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    GST-free supply

    Under section 38-385 of the GST Act, the first supply of precious metals after its refining by the refiner, or on behalf of the supplier will only be GST-free if the recipient of the supply is a dealer in precious metals.

    So no group orders unless you can find a dealer to have it imported to.
     
  14. Chris_

    Chris_ New Member

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    As for claiming it as a foreign currency they headed that one off too.

    Section 195-1 of the GST Act, defines money to include currency but does not include:
    -Currency the market value of which exceeds its stated value as legal tender in the country of issue.
     
  15. silverhair

    silverhair Well-Known Member

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    Its a shame the government does not make as much effort into delivering services to the community as it does collecting taxes from every angle they can dream up
     
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  16. alor

    alor Well-Known Member Silver Stacker

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    foreign coins are much sweeter
    domestic coins are ignored and hated, under appreciated
     
  17. Sawman

    Sawman New Member

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    upload_2020-5-5_16-47-52.png + upload_2020-5-5_16-52-44.png = Jewelry

    Does that make a tax difference?
     
  18. silverhair

    silverhair Well-Known Member

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