Perth Bullion Liquidation

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

  1. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    ...just be mindful about the buyer's premiums added to hammer price. Noble just hiked theirs up:
    "The buyer’s premium, previously 17.5%, has been increased to 20% (22% including GST) of the hammer price."
    In addition +5% for using the online bidding (Invaluable) on the Noble auction, plus shipping fees. It all adds up quickly.
     
  2. harry_mr

    harry_mr Active Member

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    This might help those interpret the GSTR 2003/10 rules, each paragraph to meet the criteria. http://www.apmex.com/resources/files/apmex-au-declaration-form.pdf

    For the purpose of GST, I herby certify these goods are deemed precious metal items.


    According to the Goods and Services Tax ruling (GSTR 2003/10) the contents of these items satisfy all of the following requirements to be defined as precious metals and therefore GST Exempt under item LPM.


    Paragraph 7-9 as an individual, I fulfil criteria under Section 40-100 of the GST Act

    Paragraph 8-11 these are precious metals (in investment form) of at least 99.5% fineness for gold and of at least 99.9% fineness for silver and of least 99% for platinum

    Paragraph 12 these are not proof coins and price is determined by the spot price

    Paragraph 13 these are not coins of numismatic value and price is determined from the spot price.

    Paragraph 14-21 I am NOT a dealer and therefore meet the criteria under Section 40-100 of the GST act. These are in investment form.

    Paragraph 22 these are bullion bars or coins

    Paragraph 23 the metals bear all the required markings describing metal fineness, content and weight.

    Paragraph 24 these are not granules. The bullion bars bear internationally recognised hallmark as required in section 23 and 24

    Paragraph 25 there is no jewellery, only bullion bars and/or coins

    Paragraph 26 these are NOT collector coins, price is determined from spot price

    Paragraph 27 these are NOT numismatic coins

    Paragraph 28 price is determined from the spot price of silver, gold or platinum

    Paragraph 29 Is capable of being traded on the international bullion market, that is, it must be a bar, wafer or coin and is usually traded at the price that is determined by reference to the spot price of the metal it contains.

    Paragraph 30 the silver, gold or platinum is in investment form only.

    Paragraph 31 price of each product is determined from the spot price of silver and gold

    Paragraph 32 N/A as 38-385 is for dealers in precious metals, I believe my purchases fall under 40-100 and classified as inputed taxed supply

    Paragraph 33 there are no granules in the purchases

    Paragraph 34-36 there are no bars or wafers in the purchases. The bars carry an internationally recognised hallmark guaranteeing the fineness and quality of the metal

    Paragraph 37 these are not proof coins only bullion coins.

    Paragraph 38 a) coin price determined with reference to spot price for silver, gold or platinum.

    b) the coins are mass produced and freely available to the general public.

    c) these are bullion or bullion coins only.

    Paragraph 39 these are not proof coins as the price is solely determined by reference to the spot price of silver, gold or platinum.

    Paragraph 40 these are not coins of numismatic quality or collector coins.

    Paragraph 41 the goods are bullion or bullion coins and bear the marks required in paragraph 22-23 and are of the relevant fineness and therefore should qualify as precious metals for GST purposes.

    Paragraph 42 these coins are not commemorative coins, their price is determined solely on its metal content.

    Paragraph 43-47 these are not proof coins as their price is solely determined by reference to the spot price and changes daily. There are no other factors that determine the price of the coins. They were purchased at a price close to, and based on, the spot price.


    I hereby confirm that I do not fall under Sect 38-385 as I am not a dealer in precious metals and thus qualify for Sect 40-100 and 13-10(b)

    I hereby confirm that the bullion, medallions or coins I have ordered meet the criteria of a precious metal and are of investment form as described by s195-1 of the GST Act and the GSTR 2003/10
     
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  3. 66rounds

    66rounds Well-Known Member Silver Stacker

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    +27% for online bids is quite high!!
     
  4. prospect

    prospect Active Member

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    Yes, they have just hiked their buyers premiun to over 20% to bring them into line with Downies and some of the other coin Auction houses.
    There is nothing you can do about that, it is the same if you are buying fine art, cars or whatever through public auctions.
    The important thing is that you factor in these charges before submitting your bids.
    Only an imbecile would use the "Invaluable" live bidding system and be slugged 5% for if.
    I have already cast my online bids on the lots that I am interested in at Noble Auctions and it cost me nothing.
    The extra 5% charge is only for people who wish to bid live on the day of the Auction.
     
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  5. alor

    alor Well-Known Member Silver Stacker

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    all well and good, but at the gantry we have a different set of criteria
    https://www.customs.gov.sg/individuals/gst-exemption-for-investment-precious-metals
     
  6. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    Maybe 'mindful' was a too difficult a word..? :rolleyes:
     
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  7. prospect

    prospect Active Member

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    yea whatever mr expert
    over and out.
     
  8. Antalon

    Antalon Active Member Silver Stacker

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    So sorry to hear for PB. But also those who have purchases pending. Hope those get sorted.

    Hipothetically: How would something like this work for a business who had commission products with them?
     
  9. harry_mr

    harry_mr Active Member

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  10. alor

    alor Well-Known Member Silver Stacker

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    we are from different jurisdictions
     
  11. Gazzasore

    Gazzasore New Member

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    Good Stuff I had a look
    They look good
     
  12. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    This turned out to be the biggest crutch the ATO was leaning on. But, how do you define "close"? There is no definition. It doesn't work as either a percentage or fixed figure. $12 above spot might be close for gold, but not close for silver.

    They provide no assistance with establishing what this means, or even what a "wafer" actually is. Ask them, they don't know.

    They just throw up a multi-million dollar assessment, double it with penalties and hope it sticks. It's instant bankruptcy for those businesses because we all know the margins are always significantly less than the GST.

    In the case of PB all the relevant and tangible/definable requirements were met, in the vast majority (99%+) of transactions.
     
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  13. Captain Kookaburra

    Captain Kookaburra Well-Known Member Silver Stacker

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    Oh Yeah, and for Melbourne, Gold Stackers and Bullion Now are the best places to go.
     
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  14. Lunardragon

    Lunardragon Well-Known Member Silver Stacker

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  15. Lunardragon

    Lunardragon Well-Known Member Silver Stacker

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    Ag spot kills the business and the business cant compete on secondary market sales.
    Look on the recent sale, 1oz lunar for $28ea..
    In addition, they carry a lot of numis sheeets
     
  16. Gazzasore

    Gazzasore New Member

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    With Perth Billion
    I could buy a couple of oz a week
    And ship when I had a few
    Do any other Bullion outfits slow this?
     
  17. StewyD32

    StewyD32 Well-Known Member Silver Stacker

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    Yeah I would say a good few do, but have not used them as Perth bullion was my 'go to' aswell.
    'Bullion now' based in Melbourne and also pretty active on here definitely do the same setup and are easy to deal with at good prices as far as I know.
     
    Last edited: Jul 18, 2019
  18. alor

    alor Well-Known Member Silver Stacker

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    :(
    it is a very low margin and high outlay business, per coin profit can be just $0.50
    compared with selling a can of beer
    0.50/$25+

    most people no longer buy the box, not even rolls
    when silver price is flat for few years

    flat T:) last longer so can accumulate some more
     
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  19. Silverman99

    Silverman99 Well-Known Member Silver Stacker

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    If you happen to be in the Queensland area I’ve found Ainslie bullion in Brisbane are quite competitive and essy to transact with
     
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  20. cracka stacka

    cracka stacka Member

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    Don't hold it, don't own it!!!!!!!!!!! Never forget that!!
     
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