Am planning on buying gold bullion products from APMEX. Can anyone provide any advice/hints on what to expect with PATRIOT ACT/Austrak/Customs? I know about GST exemption as long as product is investment grade in Australian law - is there anyway you can make sure it is applied correctly?
For private buyers the main interaction will be Customs - make sure you are bringing in .995 or higher purity gold to be GST exempt. AUSTRAC care about cash transactions, or bullion transactions within Australia - Patriot Act AML is more for US dealers providing wholesale services.
APMEX are ok. Just remember when you fill out the order make sure you write in the special instructions box= Please mark package "Investment Bullion LPM" Then you won't have any worries with the tax man. The 2 orders I got from them were sent via Fed-Ex. When your package arrives Aussie side, Fed-ex will ring you and ask you to pay the customs handling fee thing of $55.20 I've only ever ordered bullion from APMEX.. not proofs. I think you may have to pay tax on proof stuff, or any metal that isn't up to the .999 finese or higher. Only silver gold and platinum bullion gets the input tax / gst break, not palladium. Just go for it anyway and see if you like dealing with them.
