Can some one clear this up for me. I just had a dealer tell me that even though the coin is 999 bullion because it is a 'proof' coin they charge GST. Is that right? Then as a business do I claim back the gst. If someone sells me a proof coin across the counter to I pay then gst? Much confusion please help. And is it only Australian coins, what about if I import a proof coin do I pay GST if its under $1000. :| :/ And how come theres no GST on Proof coins on the Perth Mint web site?
From what I understand you only get GST free on bullion. As soon as it is 'proof' it is no longer bullion and you pay the GST, same goes for overseas proofs, anything that isn't 999, (sovereigns etc.) or junk silver coins (90%)
Whoever is charging GST at the time you buy it! If you think the dealer is wrong to charge GST, then look for another dealer who doesn't charge it (and make the other company aware of it).
Basically if its in case/box with COA its a proof or proof like, actual definition of a PROOF coin varies, charge GST, and your covered. Anything not 999 charge GST also, eg $200.00 coins. Of course having paid GST on a proof coin or any other coin that attracts GST they are exempt from capital gains TAX. MRS Iceblue is going on to do the diploma of accounting, if you would like to talk to her we can give you our phone number. Also her father was the assistant commissioner for the ATO so we have some good resources there!!!
