Perth Bullion Liquidation

Discussion in 'General Precious Metals Discussion' started by nighttrader, Jul 9, 2019.

  1. nighttrader

    nighttrader New Member

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    Am I missing something? Perth Bullion was placed into liquidation by the ATO and I cannot find any mention of this anywhere here.
     
  2. leo25

    leo25 Well-Known Member Silver Stacker

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    Last edited: Jul 10, 2019
  3. nighttrader

    nighttrader New Member

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    You should Google "bullion bourse liquidation" as this is the name of the company. You will get the details and the appointed liquidator, Neil Raymond Cribb. They might be trying to sell it as a going concern as the website is still operational but they do not answer the phone.
     
  4. harry_mr

    harry_mr Member

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    Yes a shame, they seemed very reasonable
     
  5. leo25

    leo25 Well-Known Member Silver Stacker

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    The link i wrote is a link to ASIC page. i wasn't asking for a link.
     
  6. mongrelmaple

    mongrelmaple Active Member Silver Stacker

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    I got an email from them yesterday saying they wanted all my orders i had in storage to be shipped within 48 hours. Took me off guard for sure! Shame if they go under, I really liked them!
     
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  7. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    So the Australian Bullion Dealer with the biggest variety of coins/bars (afaik) and very good prices is going under?

    Speaks volumes to me about the precious metals market....
     
  8. madaw1

    madaw1 Active Member

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    I can't believe-I like them!
     
  9. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    This is indeed a very sad day for me.

    It is NOT a reflection on the bullion market, but the result of an ATO order asking for GST to be remitted on coins that were clearly GST free according to the ATOs own guidelines (GSTR 2003/10).

    I wish I could say more but I can't.

    Ck.
     
  10. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    NO!!!!!!!!!!
     
  11. ozcopper

    ozcopper Administrator Staff Member

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    The ATO is clearly at war with the bullion industry!
     
  12. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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  13. SilverDJ

    SilverDJ Well-Known Member

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    Website seems operational?
     
  14. dollars

    dollars Member Silver Stacker

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    It seems that to sell bullion coins you would have to list price related to spot price of metal

    Ie 1oz gold lunar dragon 2012 spot +25%. Quite possibly all similar coins would need to be the same price?

    KC. Can you say more in private or are you bound to silence?
     
    Last edited: Jul 10, 2019
  15. SilverDJ

    SilverDJ Well-Known Member

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    What happens to their storage products? Both allocated and unallocated.
    They had a SMSF storage program.
    EDIT: I see they contacted people to remove all storage items within 48hours.
     
  16. Bullion Now

    Bullion Now Well-Known Member Commercial Member

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    This is nothing to do with the Bullion Now mystery boxes. We purchased those off a Melbourne based manufacturer via one of our wholesalers.

    You can probably guess who if you watch the video closely :)

    We are aware of the situation in Perth and our sympathies go to those involved.

    Michael
     
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  17. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    Price related can be either a % or fixed price. This creates confusion.

    To add to that, Perth Mint charges its wholesalers a % over Gold for coins, a fixed $ price for Gold bars and a fixed price for Silver.

    As spot moves, it affects one style of pricing more than others. Any interpretation of GST status that includes a fixed threshold is going to have problems.
     
    Last edited: Jul 10, 2019
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  18. dinduboy14

    dinduboy14 Member

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    Oh no, sad day indeed! I bought 80% of my stach from them.
    Great prices and variety!
     
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  19. argento

    argento Well-Known Member Silver Stacker

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    Yep and wouldn't surprise me to see the Perth Mint being the only bullion dealer left in Australia...that way they will be able to track who is buying and selling...yes a monopoly.
    Also, with the Perth Mint being government backed, cant really see the ATO doing a GST audit on them, as their GST bill would be in the millions based on current ATO rulings and legislation.

    Basically to simplify what is happening.....if bullion is sold for more that 10% over spot ...then GST is payable. Now bullion is supposed to be GST free but the way the legislation reads it allows the ATO to interpret the legislation anyway they see fit.

    So as we all know , so if spot was $20.....and a dealer sells bullion for 10% over spot = $22.
    Now look at the Perth Mint....spot is $21....I think their cheapest coin is about $24 (I could be wrong) so under the new legislation GST is applicable, but the ATO aren't going after the Perth Mint...as I stated before I can see a monopoly on its way.

    But then you have Perth Bullion who say buy a bullion coin from Perth Mint for say $22 with their price break, now Perth Bullion need to make money so they sell the coin for $24.....now keeping in mind that spot is $20.....Perth Bullion should be charging GST, as the ATO have manipulated the legislation so they can use the spot price as a bench mark, knowing dam well that no bullion dealer can sell silver for 10% over spot....

    before you comment on what I have said..read the legislation (excuse any spelling mistakes or poor grammer :) )
     
  20. ozcopper

    ozcopper Administrator Staff Member

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    It was but now all their products are gone!
     

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