Gold fraud: $550m tax scam hits gold industry

Discussion in 'Gold' started by whinfell, Jul 9, 2016.

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  1. whinfell

    whinfell Well-Known Member Silver Stacker

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    Full article: http://www.smh.com.au/business/gold-fraud-550m-tax-scam-hits-gold-industry-20160707-gq0s5f.html
     
    whinfell, Jul 9, 2016
    #1
  2. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Jeez, demonising private ownership and trading of gold!!!
     
    SpacePete, Jul 9, 2016
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  3. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Why can't the GST loophole be fixed?
     
    SpacePete, Jul 9, 2016
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  4. whinfell

    whinfell Well-Known Member Silver Stacker

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    How would you fix it? Charge GST on bullion? :/
     
    whinfell, Jul 9, 2016
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  5. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    No idea, hence my question. What's the alternative, outlaw private ownership of physical gold and/or add significant regulatory and bureaucratic overhead?
     
    SpacePete, Jul 9, 2016
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  6. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    There may be a push for stringent licensing requirements?
     
    SpacePete, Jul 9, 2016
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  7. Silverthorn

    Silverthorn Well-Known Member

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    Define scrap?
     
    Silverthorn, Jul 9, 2016
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  8. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Not just scrap dealers, but also the big refiners seem to be caught up.
     
    SpacePete, Jul 10, 2016
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  9. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Also the fact that they are not naming names implies this involves the major industry participants. Who else would have the resources to fight a multi-year court battle against the ATO? (Of course, all this is assumptions based on the snippets of info we get in these stories.)
     
    SpacePete, Jul 10, 2016
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  10. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Right, some names, but I think they are being very careful:

     
    SpacePete, Jul 10, 2016
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  11. Old Codger

    Old Codger Active Member Silver Stacker

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    AUSTRAC?
     
    Old Codger, Jul 10, 2016
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  12. yennus

    yennus Well-Known Member Silver Stacker

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    Maybe the gubbermint should treat this issue like greyhounds -i.e ban the entire industry.
     
    yennus, Jul 10, 2016
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  13. Silverthorn

    Silverthorn Well-Known Member

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    That's the thing. Old jewellery is what is meant by scrap I would have thought, is a melted blob of gold scrap I wouldn't think so.
     
    Silverthorn, Jul 10, 2016
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  14. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Hope Burke gets to sell his story to the media, it will be net resting to hear.
    Plus what he gets from the Mehdi, could be used to payback any innocent suppliers owed money.
     
    Ipv6Ready, Jul 10, 2016
    #14
  15. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Depends, if it is a melted blob of mixed karat gold than scrap, if it is 999 blob with bullion marks defaced/filed off that it's debatable isn't it?
     
    Ipv6Ready, Jul 10, 2016
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  16. Golden ChipMunk

    Golden ChipMunk Well-Known Member

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    The news did not adding up....
    Photos showing new bars in briefcase
    Two guys running in suitcase :rolleyes: , who ??? The mask men???


    How the media making up this news???

    How the readers believe in this ???
     
    Golden ChipMunk, Jul 10, 2016
    #16
  17. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Lol, surely you realise the pictures are representation?

    And readers believe it because it is likely to be happening.
     
    Ipv6Ready, Jul 10, 2016
    #17
  18. Golden ChipMunk

    Golden ChipMunk Well-Known Member

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    Well then the news should put up scraps photos!!!
    Also the figure did not add up.

    We talking millions and how much scraps been sold??
    Tonnes???
     
    Golden ChipMunk, Jul 10, 2016
    #18
  19. Golden ChipMunk

    Golden ChipMunk Well-Known Member

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    Like I said , the figures did not adding up...
     
    Golden ChipMunk, Jul 10, 2016
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  20. Au-mageddon

    Au-mageddon Active Member

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    Well the government obviously want their cake and to eat it too ... on the one hand they are pushing little bullion companies out for allegedly not charging gst on their bullion sales (when the rules are vague as hell), then they are complaining about people claiming fake gst inputs.

    Simplest solution surely is to BE CONSISTENT wrt charging gst for precious metals, either charge gst across the board for all bullion and live with the gst inputs (and potential scams) OR exempt all forms of bullion from gst and dont accept gst inputs from gold buyers/refiners. I know it obviously cant be that simple and would need some hammering out of the fine detail, but clear rules and guidelines would obviously help everyone.

    And ok, you might only get 95% of spot if you sell to local gold buyer (or 40% of you go to one in the mall), but at least then there would be a level playing field for all.
     
    Au-mageddon, Jul 10, 2016
    #20
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