Buying gold on holidays.

Discussion in 'Gold' started by JS1880, Jan 21, 2020.

  1. JS1880

    JS1880 Member

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    Hello SS
    Just wondering if anyone knows the legal requirements if buying gold on holidays and then bringing it back to Australia?
    If travelling to the USA and you buy a few American eagles or Austria and buying gold Philharmonics?
    Thank you in advance!
    JS
     
  2. slavaja

    slavaja Well-Known Member Silver Stacker

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    A friend of mine bought gold in Thailand and bought it back no issues. They bought about 10 baht in total
     
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  3. stackmans

    stackmans Member

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    I've also asked this question before. Apparently as long as its 999 pure gold it doesn't attract tax. If its value is less than the maximum that country allows to export then you should be fine.

    The big question is though do you declare an American eagle as being its face value of 50USD or intrinsic value of 1500USD.

    Plus the risk of theft and dodgy baggage handlers.
     
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  4. madaw1

    madaw1 Well-Known Member

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    If you declare over $10000AUD intrinsic value it should't be a problem...
     
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  5. JS1880

    JS1880 Member

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    I am travelling soon and plan on buying a few ounces here and there all 999 pure. I will carry them on my person just need to know if i declare the value at all if under 10000?
     
  6. madaw1

    madaw1 Well-Known Member

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    If it's below $10000- like cash it's no requirement to declare-if you are asked what't that?-you will explain ...no problem
     
  7. JS1880

    JS1880 Member

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    Thanks Madaw
     
  8. madaw1

    madaw1 Well-Known Member

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    You are welcome...
     
  9. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    It's a grey area and I think the Govt may well have left it as such, then again it may not be on their radar.

    I agree it's not AUD or FGN cash, TC's, bear bonds etc but question (3) on the Aust Customs Dec card does ask you to note any purchases made overseas greater than AUD900.00.....I think Customs would argue that a bullion purchase would fall into that category for declarations purposes only (should you buy more than AUD900.00) but as no GST is payable on .9995 or better bullion they can't levy GST on you.

    So best to declare it and maybe carry a copy of the ATO's GST ruling on bullion.

    upload_2020-1-21_14-48-35.png
     
  10. JS1880

    JS1880 Member

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    Yes safer to report. Thanks mate
     
  11. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    Isn't 10 baht worth about AU 50c?
     
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  12. slavaja

    slavaja Well-Known Member Silver Stacker

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    1 baht gold is equal to 15.244g at 96.5%
     
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  13. JulieW

    JulieW Well-Known Member Silver Stacker

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    Baht is currency, presently about 20 to the Oz dollar.

    Baht is also a weight - about half an ounce.

    Google says:

    A measurement, unit of weight for gold.
    "Raw" gold or bullion (standard purity of Thai gold is 96.5% a little over 23 K): 1 baht = 15.244 grams x 0.965 = 14.71046 grams, or 0.47295236 troy ounce (mass). In the case of jewellery, one baht should be more than 15.16 grams.

    Interesting link here:
    http://goldpricez.com/th/baht

    If travelling in Thailand, I've found half ounce Oz coins at 0.9999 are very well received and you get the Baht price easily.

    Baht gold is 23.2 carat and has a yellowish colour which to my mind looks 'cheap', probably because of the alloy they add to harden it. Gold shops are everywhere and jewellery is sold at gold price so buy chain rather than bars so you can wear it through customs easily.

    If you want gold souvenirs, then Thai goldsmiths have some beautiful work.

    But, best option for gold is (was?) Hong Kong. 0.9999 pure and 0.05% premium on maples, etc.
     
  14. madaw1

    madaw1 Well-Known Member

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    Start booking trip to Hong Kong today...
     
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  15. JulieW

    JulieW Well-Known Member Silver Stacker

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    p.s.

    Gold that is purchased in Thailand is usually stamped by the shop you buy them in, these stamps are not useful for verification purposes outside of tht shop.

    Selling your gold outside of Thailand is possible but difficult. Some gold merchants will not touch your gold without an Assay mark whereas some will want to verify the material and purity themselves. Either way, it is a risk to buy gold in Thailand with the thought of selling it later on in another country.

    https://thailand505.com/ultimate-guide-to-buying-gold-in-thailand/
     
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  16. slavaja

    slavaja Well-Known Member Silver Stacker

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    That's why you only buy it from hua seng heng
     
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  17. madaw1

    madaw1 Well-Known Member

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    Very grey area indeed. A friend of my has arrived back to Australia from Europe with 2 gold coins .9999/2oz/. He has shown the Customs the coins-they were not interested at all,saying they were worth less than $10000AUD-they have treated the coins as cash not as goods...
     
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  18. Silverling

    Silverling Well-Known Member Silver Stacker

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    Which in AUD = $1,079

    This is the official Thai Gold Traders Association website with current 1 baht gold prices. http://www.goldtraders.or.th/

    Example: Today the price for a 1 baht gold bar is 22,500
    Our exchange rate is 20.84
    22,500 divide by 20.84
    = AUD $1,079
     
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  19. Silverling

    Silverling Well-Known Member Silver Stacker

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    Or Aurora, they are in all the shopping mails.:)
    https://auroratrading.co.th/
     
  20. GF

    GF Active Member Silver Stacker

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    It was suggested to me that if you were buying OS and returning to Aus to buy coins with a face value and mail your paperwork to yourself prior to your flight back.
     
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