ATO stuns gold refiners with victory in $250m GST case
- Thread starter Aurora et luna
- Start date
Interesting they're saying in this article that the govt considers gold to be a form of currency. "Gold bullion was exempt from GST as it was considered a form of currency".
sctpc
Active Member
Also yet they have GST on the $200 22k coin that is official money.
On another Note Ill Bet Perth Mint will Not have any claims from the ATO for back Tax. ABC should pack up and Make a deal with a neighboring Country who will not stab it in the back and then they can just sell bullion.
Yet another industry being wrecked by Government.
I remember last year the Tax Commissioner handed down a ruling that EBS were not refining gold because they were refining scrap gold:
EBS was found to not qualify for their claimed GST tax credits because their business of purchasing scrap gold and transforming it into gold bullion was not considered by the Commissioner to be ‘refining’, refining being an activity which attracts tax credits under A New Tax System (Goods and Services Tax Act 1999 (Cth).
https://www.lexology.com/library/detail.aspx?g=6c45c449-4f61-49f2-b224-a914c7ffe069
Notice that the first sentence of yesterday's article sets up an association between gold and Middle Eastern crime: "a $1 billion tax fraud in the sector involving Middle Eastern criminal gangs."
Its like they are trying to demonise gold.
EBS was found to not qualify for their claimed GST tax credits because their business of purchasing scrap gold and transforming it into gold bullion was not considered by the Commissioner to be ‘refining’, refining being an activity which attracts tax credits under A New Tax System (Goods and Services Tax Act 1999 (Cth).
https://www.lexology.com/library/detail.aspx?g=6c45c449-4f61-49f2-b224-a914c7ffe069
Notice that the first sentence of yesterday's article sets up an association between gold and Middle Eastern crime: "a $1 billion tax fraud in the sector involving Middle Eastern criminal gangs."
Its like they are trying to demonise gold.
Criminal gangs and the government... not much difference.
Those were the good old days for the $200 Koalas 
At the gold buyers, we had no problems getting spot + 5% for those coins
At the gold buyers, we had no problems getting spot + 5% for those coins
sctpc
Active Member
I was told by a dealer he bought them for 160 and would take them to the bank for 200, Now that would be a dealThose were the good old days for the $200 Koalas
At the gold buyers, we had no problems getting spot + 5% for those coins