Perth Bullion Liquidation

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

  1. 66rounds

    66rounds Well-Known Member Silver Stacker

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    If my "boss" fired me for following his procedures in collecting GST, I would sue for unfair dismissal.
     
  2. alor

    alor Well-Known Member Silver Stacker

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    they need not fire, just hang the licence
     
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  3. SilverDJ

    SilverDJ Well-Known Member

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    They have more money to pay lawyers than you do.
     
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  4. monopolize

    monopolize Well-Known Member Silver Stacker

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    It'd be interesting to know what PB got pinged with. As far as I can remember they have always charged GST on numismatic, proof and non-bullion grade coins and proof-like rounds from private mints.
     
  5. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    ATO: No GST? Sweet.... we'll be knocking on their door soon.
     
  6. SilverDJ

    SilverDJ Well-Known Member

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    Maybe it was coin buy-backs or something related to the GST "gold scam" the happened a few years ago? I believe several legitimate business got caught up in it. But that wouldn't be much money I presume? Likely they weren't charging GST on coins they should have (according the vague ATO rules) They probably appealed it for a while and ultimately lost, and they didn't have the cash to pay up, so was easier and less stress to simply shut down the company and declare bankruptcy. Guess who the 1st priority creditor will be....
     
  7. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    In all the cases I know of, the only appeals that were heard were by another department inside the ATO. In each of these cases the ATO internal review admitted that 75% of what they were saying was incorrect, and reduced their assessment by 75%. Imagine if an independent third party had the opportunity to review it, and apply a rational industry wide policy.

    To me that means they are 75% WRONG.

    However, the 75% reduction seems merely a bargaining tactic on behalf of the ATO and not a genuine look at the circumstances in that business, or any serious consideration around interpretation of the legislation.

    The bullying tactics used by the ATO (including garnishee notices as seen on 4 Corners - Google Richard Boyle ATO) are such that small businesses cannot fund any kind of defence, especially when the ATO will delay the production of an appeal response for 12 months.

    So as SilverDJ has said, these small businesses are either forced to close voluntarily or subjected to liquidation by the ATO.

    The GST "gold scam" was a real thing, but it has absolutely nothing to do with PB. The ATO are hugely embarrassed that they lost close to a Billion dollars, and they are looking to deflect attention elsewhere.

    South Gippsland Bullion and Perth Bullion are merely scapegoats in a childish attempt at covering an embarrassing regulatory fuck up.
     
  8. iceblue

    iceblue Well-Known Member

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    As CK pointed out in the above post #125, there are rules for some which have been put out of business and rules for others that have carried on with business for selling exactly the same product. You could liken it to all the supermarkets have to charge GST, except woolworths.
    So now the problem the industry faces is which way the ATO will move on this, its either GST or not. If all the dealers and independent refiners get the same treatment as PB, Perth Mint will be the only place left standing (which is maybe what they want) but it is not good for the consumer/investor is it?
     
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  9. dozerz

    dozerz Well-Known Member Silver Stacker

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  10. 316ag

    316ag New Member

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    I got an email from PB July 9 saying they had my item in storage and would I please arrange pick up or postage. They were trying to get all orders out by the 11th July. I had a strong suspicion that’s it was from a Receivers and not a new owner at Perth Bullion.
     

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  11. Gazzasore

    Gazzasore New Member

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    Hi team
    Ok now that Perth Bullion is no longer an option

    Where is the Next best place to buy Silver in Aussie
    Cheers
    Gaz
     
  12. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Bullion List Sydney.
     
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  13. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    I agree!
    Without a doubt, Joe from Bullionlist provides the best service.
    5***** business
     
  14. mrsilverservice

    mrsilverservice Well-Known Member

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    Here :D









    The Book of Proverbs Chapter 8 verse 35

    For whoever finds me finds life,and obtains favor from the Lord :)
     
  15. alor

    alor Well-Known Member Silver Stacker

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  16. JOHNLGALT

    JOHNLGALT Well-Known Member

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    What is your QTH (HOME) please (or, state)?
    If you are buying P.M's. over the Internet, PROBLEM BELONG YOU.
    p.s. I hope you like more tungsten in your bar than Gold. LOLOLOLOLOLOLOL.
     
  17. 316ag

    316ag New Member

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    You can look at Ainslie Bullion Company is Brisbane. Been around for many years. Shipping not to bad. Bullion Money in Parramatta. Not as big a selection but only $9 shipping. KJC in Sydney but shipping is high. All the above have online ordering.
     
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  18. prospect

    prospect Active Member

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    There is another way to buy gold and silver at around spot price and sometimes if you are lucky even a little under spot.
    It is the method I have used to build up my stack over the years.
    I am surprised that no one on here appears to want to use this method, oh well less competition for me.:D
    I mentioned this method a few months ago in one of my early posts.
    I even mentioned the reputable companies that I have dealt with.
    So I will not be repeating here again.
     
  19. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Are coin auctions really that good for bargains? I find it slim pickings these days.
     
  20. prospect

    prospect Active Member

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    Yes, not as good as it was years ago but still good buys to be found for those who persevere.
    While a lot of the precious metals items are higher priced numismatic items, there is always bullion type stuff on offer
    such as bulk pre-decimal kiloware and 1966 rounds which go for around spot.

    Oh for the good old days, I remember buying $200 gold Koalas for $180 at auctions in the 1990s.:)

    The next major auction is at the end of the month in Sydney (Noble Numismatics) with a few million dollars worth of goodies on offer.
    And the good news is that all Auction houses accept postal bids and online bids if you can't personally attend.
    I would personally recommend Nobles for newbies, because they have a lifetime guarantee that all their lots are genuine.
     
    Last edited: Jul 17, 2019
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