GST should be reflected on a tax invoice as 1/11th of the total price - but it shouldn't be "$400 + $40 GST" etc - it's a component of the overall price. Second hand dealers get to claim input credits even on buybacks from the public, so as camylopez said, GST should effectively only be on the markup. See http://forums.silverstackers.com/to...-tax-gst-on-precious-metals-in-australia.html for more info.
sorry, just checked, its 75k not 70. but im sure a lot of ppl dont declare anyhow. http://www.ato.gov.au/businesses/content.aspx?doc=/content/20724.htm&page=5 http://help.abr.gov.au/content.asp?sid=42&doc=/content/17576.htm&usertype=BC http://www.business.gov.au/Business...ages/RegisterforGoodsandServicesTax(GST).aspx
The 75k has to be "GST turnover" - conceivably, you could sell $1m a year in investment bullion and not register for GST as all of your sales would be input taxed - but then you miss out on claiming GST back for all of your business expenses.
