This is a recent development. This is to let everyone know that Fedex will charge 10% GST on silver and gold you import from overseas. According to their staff, GST exemption will only apply to all import for silver 1 % above spot price. However, we wouldn't find any silver just 1% above spot. Anyway, this is not consistent with the GST rulings and Border security directives. Unfortunately, this is what Fedex practices now. They said they can't help you with GST exemption. Customs office will not have records of the parcels by Fedex because it is a private courier service.
FedEx Declared Value Cost for 2023 "When you use FedEx declared value; the cost is based on the item’s value. Coverage is free for the first $100 of value, so you pay no additional fees. Many shippers are not aware of this. If the declared value is even one penny over $100, the cost is a minimum of $3.90 up to a value of $300." Source: https://www.refundretriever.com/blog/fedex-declared-value-what-you-need-to-know Also, if the declared value is over $300, the cost will increase by $1.30 per $100 of the declared value. For example, if your shipment is worth $301 to $399, the price will be $6.50 total for the FedEx declared value fee. The cost is the same for a package with a value of $305 or $395. Is not GST, makes everyone confuse??? They simply wants more.... LOL They also make everyone fill up extras Consignee forms as nowadays no more additional parcels to follow one forms. ???? Means more $$$ for them. Theirs staffs are normally not very helpful and bad manners as well. Thinking they are much superior???
I feel your pain brother....this thread is almost a year old and not much has changed.... https://www.silverstackers.com/foru...uty-paid-for-u-s-order-of-9999-silver.104656/
I've had the odd issue with couriers on PM imports in recent years (not current) when they tried to bung on the GST bit...I had the short fight, threw the tax ruling in front of them and got my goods. If a courier company tries this on, and whilst I'm not sure on the legality of someone charging GST when GST is not applicable (and I assume it's a no no with the ATO) my response will be assuming I have a contact name and details of courier company rep to report them / that person to the ATO as they appear to be in breach of the Tax laws....Lets see if that changes their mind re trying to fleece punters who import bullion......
^^^ In ATO terms…. individual who charged GST where non-GST applicable = FRAUD company that charged GST where non-GST applicable = DUTIES
I dealt with Fedex a couple of times previously I knew the person who handled this for me. He got the GST exemption for me previously. but this time he refused to get me off. He said the management warned him not to use LPM code for GST exemption. This is third time unlucky!
Dear FedEx Management, RE FeDEx Tracking Appealing against GST on Silver Coins and Bars I have purchased xxx Panda .999 Silver Coin and X Silver Bars .9999 from xx on xxx. I have contacted by FeDEx staff that they have to charge me 10% GST on the importation of these products. The reason given was that it was management instructions not to claim GST exemption for silver over 1% of silver spot price. I felt this is unreasonable therefore brought them to your specific attention. According to Goods and Services Act (GST Act) 1999, Section 195-1 (also GSTR 2003/10= GST ruling), silver (in an investment form) of least 99.9 fineness have met the minimum fineness when imported are duty and GST free. Both silver products I have imported satisfy this requirement as they are not collectable or numismatic silver products. This is what was stated in Australian Border force website: Investment form Precious metals must be in a form that is tradeable on the international bullion market. Precious metals in an investment form carry a mark or characteristic that guarantees its fineness and quality. An investment/tradeable form may be a bar, wafer or coin but must be in the form and character of the metal only. A tradeable form means the metal is in a form as traded at a spot price for the metal only. Granules do not carry marks and are not investment form. Some gold, silver or platinum coins are not precious metals (see Collectable coins). Precious metal coins Precious metal coins are a tradeable/investment form of precious metals. Investors sell coins produced in investment form at a spot price for the metal alone. Precious metal coins also carry a mark that guarantees fineness and quality. Importing precious metals, coins, jewellery and currency (abf.gov.au) One therefore cannot determine whether to charge GST on import of silver based the price I paid. It should be based on the question of minimum fitness and that they are not proof or numismatic products. For this reason, the silver I imported does NOT incur GST. Most of the Silver coins I have bought are Panda Coin. Just like the Silver Kangaroo coins you can buy in any bullion store; they do NOT have GST. I will take this matter to ABF, ATO, ACCC and ASIC for their attention. I will also write to AFR for a review of your services and seek legal advice if necessary. Thank you for your cooperation. Yours sincerely, xxx CPA
Send them this declaration. I got it from a tax agent and got my silver through without GST. just add your fedex reference number... DECLARATION OF INSTRUCTION TO FEDEX Reference: FedEx ###### For the purpose of GST, I herby certify these goods are deemed precious metal items. According to the Goods and Services Tax ruling (GSTR 2003/10) the contents of these items satisfy all of the following requirements to be defined as precious metals and therefore GST Exempt under item LPM. Paragraph 7-9 as an individual, I fulfil criteria under Section 40-100 of the GST Act Paragraph 8-11 these are precious metals (in investment form) of at least 99.5% fineness for gold and of at least 99.9% fineness for silver and of least 99% for platinum Paragraph 12 these are not proof coins and price is determined by the spot price Paragraph 13 these are not coins of numismatic value and price is determined from the spot price. Paragraph 14-21 I am NOT a dealer and therefore meet the criteria under Section 40-100 of the GST act. These are in investment form. Paragraph 22 these are bullion bars or coins Paragraph 23 the metals bear all the required markings describing metal fineness, content and weight. Paragraph 24 these are not granules. The bullion bars bear internationally recognised hallmark as required in section 23 and 24 Paragraph 25 there is no jewellery, only bullion bars and/or coins Paragraph 26 these are NOT collector coins, price is determined from spot price Paragraph 27 these are NOT numismatic coins Paragraph 28 price is determined from the spot price of silver, gold or platinum Paragraph 29 Is capable of being traded on the international bullion market, that is, it must be a bar, wafer or coin and is usually traded at the price that is determined by reference to the spot price of the metal it contains. Paragraph 30 the silver, gold or platinum is in investment form only. Paragraph 31 price of each product is determined from the spot price of silver and gold Paragraph 32 N/A as 38-385 is for dealers in precious metals, I believe my purchases fall under 40-100 and classified as inputed taxed supply Paragraph 33 there are no granules in the purchases Paragraph 34-36 there are no bars or wafers in the purchases. The bars carry an internationally recognised hallmark guaranteeing the fineness and quality of the metal Paragraph 37 these are not proof coins only bullion coins. Paragraph 38 a) coin price determined with reference to spot price for silver, gold or platinum. b) the coins are mass produced and freely available to the general public. c) these are bullion or bullion coins only. Paragraph 39 these are not proof coins as the price is solely determined by reference to the spot price of silver, gold or platinum. Paragraph 40 these are not coins of numismatic quality or collector coins. Paragraph 41 the goods are bullion or bullion coins and bear the marks required in paragraph 22-23 and are of the relevant fineness and therefore should qualify as precious metals for GST purposes. Paragraph 42 these coins are not commemorative coins, their price is determined solely on its metal content. Paragraph 43-47 these are not proof coins as their price is solely determined by reference to the spot price and changes daily. There are no other factors that determine the price of the coins. They were purchased at a price close to, and based on, the spot price. I hereby confirm that I do not fall under Sect 38-385 as I am not a dealer in precious metals and thus qualify for Sect 40-100 and 13-10(b) I hereby confirm that the bullion, medallions or coins I have ordered meet the criteria of a precious metal and are of investment form as described by s195-1 of the GST Act and the GSTR 2003/10 Therefore, in this case, the GST exemption code LPM is applicable. I hereby request Federal Express Australia Pty Ltd to submit an Import Declaration to the Australian Customs Service claiming GST exemption LPM. I understand that there are administrative penalties in place for failing to comply with the GST Act and regulations. The statements in this declaration are true and correct in every particular. Full Name Signed
I have already done this. FYI. They no longer accept this declaration.They used to accept it though..
There is no way you can buy silver at spot or 1 % over spot. It just shows that FedEx staff have no experience or expose in handling GST exempt on silver. If you base it on price the silver libertad coins are so expensive at BN. But there is no GST of Silver libertad coins.
How much do you need to pay? Are they more than BN price? Maybe you do not need to use FedEx next time. Just boycott FedEx
you still can…only here in serious note, it’s not FedEX made this numinastic clause…aus govt under import levy on precious metals… https://www.abf.gov.au/importing-ex...ting-precious-metals-coins-jewellery-currency
q: are those panda coins ‘in a form and character of the metal only’? im not affiliated with any courier/logistics companies..I feel your pain mate…done that been there, so forth…it’s the case of David vs Goliath…..and countless‘Davids’ as I can remember. This is why I buy my stuff here in AUS…only those that i really…really…really…REALLY want then I venture overseas.
Have you seen Panda silver coins? I have seen them at Jaggards... Normal bullion coins. Not the proof ones.
There is also the overriding laws re GST that state hat GST cannot be applied to an import, if that good is not subject to GST in Australia. https://www.abf.gov.au/importing-ex...g/cost-of-importing-goods/gst-and-other-taxes As GST is not applied to the usual bullion range of PM's, then it can't be applied to imports either...thus two parts of the ABF / ATO rules which fall on the side of the importer. Imports of goods that would be GST-free or input taxed if supplied within Australia Goods that are imported and would have been treated as GST free if they had been a supply, are not subject to GST. Examples include: basic food certain medical aids and appliances cars for use by disabled people It is important to note that there are numerous definitions and criteria that apply to the treatment of food and medical aids and appliances under GST legislation. Reference to the legislation must be undertaken to determine whether a specific commodity is taxable or exempt. Alternatively you can contact us for further clarification.
