I have noticed one bullion company In there price Includes GST. Another say no GST because they are still legal currency . What's the deal
There is meant to be GST on them They are not pure gold & good luck having the argument with the tax man
They do not meet the ATO's definition of an investment form of precious metals for GST purposes due to their purity being below 99.5%. To sell them without GST would require a favourable private ruling from the ATO. I am not aware of anything in the GST act that exempts legal tender coins below the required fineness in the "investment form" purity schedule from being sold without GST if it's not being exchanged at face value. Second hand status or age has nothing to do with the application of GST. I am aware of one business that sought and received a GST private ruling that allows them to get GST input credits on buybacks of pure bullion, and sell bullion with GST (it suited their business model) - so a private ruling that exempted 22K coins from GST is not unfathomable.
paragraph 142 clearly reflects the ATO's posn as in Gold Pelican's post. http://law.ato.gov.au/atolaw/view.htm?docid=GST/GSTR20008/NAT/ATO/00001
So the company advertising no GST on 200 dollar coins because it still legal currency has some deal with the tax man or false advertising?????
Maybe the GST is only payable on the amount of money payed OVER $200 EG: If a coin is priced at $1000 then you subtract the $200 that is legal tender and only have to pay the GST on the remaining $800 so the total cost of the coin would be $1080 including GST I don't know, Sounds like the tax man might be ok with that but who knows...
thank you I see a dealer who is selling 1 for $426 or 10 for $4,160 I would have thought that the coin would be going for more due to the amount of gold it holds (I think at todays spot its at least $400 in metal) So I am thinking about grabbing the 10 but I am newish to stacking and the limited gold I have bought so far is all 99.99
22K spot price plus a very small premium for most of the average coins. There's some collector value for mint coins in mint packaging but nowadays those coins are very rare in either proof or UNC. Most dealers treated 200 gold coins as melt value especially back in 2000. It's very rare to get a coin in "mint condition in mint packaging". (original packaging in perfect condition) There's collectors who will pay a premium for coins that have mint seals intact also. Check the proof mintage vs the unc mintage for a pleasant surprise.
So it would be Current gold price/31.1034768 x 0.9166 x Weight spot $1,384 / 31.104 x 0.9166 x 10 gram = $407.xx This isn't bad for a $426 coin, the lunar 1oz I have bought carried a premium of about $80 p/coin and the 1/4 Oz ones are just not worth buying in volume