Bringing PM bullion from overseas

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ekmchan

Member
Does anyone know if there are any rules related to bringing investment grade .999 + purity investment bullions into the country? Will you need to declare it like cash if its worth more than $10000 or is there any limit/documentation needed? Will the ATO/Austrac take an interest if you bring in large amounts etc..

Also whats the deal with legal tender coins - do these count as face value or spot price value with respect to bringing legal tender coins into the country?
 
Touch base on the above question but in regards to domestic flights as i may have have to 25 ounces of silver with me. Do i need to document anything or can this just be stored within my carry on baggage?

Cheers, HAPPY STACKING :-)
 
25 oz is hardly a big amount. I'm talking about amount worth more than $10000 if converted to spot price.
 
Can I bring into or take out of Australia coins, medals and bullion?
Gold and other coins

If you have gold coins or other coins that are still used as currency, you can bring into or take out of Australia as much as you like, duty and Goods and Services Tax (GST) free. However, you must declare the coins to the Australian Customs and Border Protection Service if the value of the currency is ten thousand Australian dollars or more ($10,000), or the equivalent in foreign currency.

If you have gold coins or other coins that are not currently used as currency, the coins are treated as a normal importation. This means that the coins will be assessed for duty and GST. If the coins are part of your personal effects that you have owned and used for more than 12 months, the coins may be free of duty and GST.

From: http://customs.gov.au/faq/ProhibitedRestrictedGoods.asp#Q76
 
Yes but that thread doesn't answer my questions:

Do you have to report investment bullions when bringing them into the country if worth more than $10000 (spot price value)? The customs site generally talks about investment grade bullions being not subject to GST. How about reporting requirements to ATO/Austrac if any? - I don't want to risk having my precious metals good seized if I were to purchase > $10000 of bullion products from overseas one day.

Also do the rules change for PM legal tender coins with face values? - do I need to report?
 
ekmchan said:
25 oz is hardly a big amount. I'm talking about amount worth more than $10000 if converted to spot price.
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Lol i know 25 ounces isnt a big amount, i meant referencing to when taking over national or international.

Cheers, HAPPY STACKING :-)
 
Just declare it on your customs form and have the receipts handy. You need to declare if you have more than $10,000 cash - I'm pretty sure they'll see this like you are trying to circumvent the system if you don't give notice.
 
I just flew into melbourne last night and customs chick said if it's over A$1,000 I have to talk to a customs broker prior to leaving Australia for a trip(no next time for me in the foreseeable future anyways)
I'm curious anyways so might just search the net to see if I can find the process when I get some time
 
DanielM said:
I just flew into melbourne last night and customs chick said if it's over A$1,000 I have to talk to a customs broker prior to leaving Australia for a trip(no next time for me in the foreseeable future anyways)
I'm curious anyways so might just search the net to see if I can find the process when I get some time
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You could just post it to yourself , maybe
 
ekmchan said:
25 oz is hardly a big amount. I'm talking about amount worth more than $10000 if converted to spot price.
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$10,000 is hardly a big amount either.
 
I found this over at the Australian Customs website:

Can I bring into or take out of Australia coins, medals and bullion?

If you have gold coins or other coins that are still used as currency, you can bring into or take out of Australia as much as you like, duty and Goods and Services Tax (GST) free. However, you must declare the coins to the Australian Customs and Border Protection Service if the value of the currency is ten thousand Australian dollars or more ($10,000), or the equivalent in foreign currency.

If you have gold coins or other coins that are not currently used as currency, the coins are treated as a normal importation. This means that the coins will be assessed for duty and GST. If the coins are part of your personal effects that you have owned and used for more than 12 months, the coins may be free of duty and GST.
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http://customs.gov.au/faq/ProhibitedRestrictedGoods.asp
 
I'd be curious to know if that $10,000 limit in currency is face value? There's a HELL of a lot more value in 10k face value platinum $100 coins than 10k, similar story for certain gold coins.
 
As far as I know, the face value of legal tender is what matters. I know that I can spend a Kook legally in Australia - but only for its face value.

Also, further information from the Australian Customs site:

Precious Metals (including Bullion)

Under the GST Act, gold (99.5% fine), silver (99.9% fine) and platinum (99% fine) in an investment form are precious metals. (Fineness quoted is the minimum that applies).

Under the GST Act, at the time of importation, precious metals are not subject to assessment for, or payment of, GST. Imported precious metals, whether bullion or coins, have a free duty rate, which means no duty is payable.

Precious metals must be in a form that is tradeable on the international bullion market. Precious metals in an investment form carry a mark or characteristic that guarantees its fineness and quality.

Further information on precious metals can be obtained from http://www.customs.gov.au/site/page5350. asp#e946

Proof coins, other collectable coins and jewellery made of gold, silver or platinum are not precious metals (duty and/or GST is payable unless a concession or exemption applies).
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Under section 13-5 of the GST Act, you make a taxable importation if you import the goods for home consumption. However, the importation is not a taxable importation to the extent that it is a non-taxable importation.

An importation of precious metal will be a non-taxable importation if it would have been a supply that was GST-free or input tax if it had been a supply.

Unless the importations of precious metal meet the requirements below, they will be taxable importations.

GST-free supply

Under section 38-385 of the GST Act, the first supply of precious metals after its refining by the refiner, or on behalf of the supplier will only be GST-free if the recipient of the supply is a dealer in precious metals.

As defined under section 195-1 of the GST Act, precious metal means:

(a) gold (in an investment form) of at least 99.5% fineness; or

(b) silver (in an investment form) of at least 99.9% fineness; or

(c) platinum (in an investment form) of at least 99% fineness; or

(d) any other substance (in an investment form) specified in the regulations of a particular fineness specified in the regulations of at least 99.5% fineness.

No regulations have been made to specify any other substance.

To be precious metal for the purposes of GST, the metal must therefore be gold, silver or platinum.

A dealer in precious metal means an entity that satisfies the Commissioner that a principal part of carrying on its enterprise is the regular supply and acquisition of precious metal.

A refiner of precious metal means an entity that satisfies the Commissioner that it regularly converts or refines precious metal in carrying on its enterprise.

The expression 'in an investment form' means the metal must be in a physical form that is capable of being traded on the international market by entities which trade in such a market. Bullion coin is only traded in for the metal value at the prevailing spot price.

Input taxed supply

Section 40-100 of the GST Act provides that a supply of precious metal as defined in section 195-1 is input taxed. If a supply is input taxed, then no GST is payable on the supply, and there is no entitlement to an input tax credit for anything acquired or imported to make the supply.

Money and other things

Subsection 9-10(4) of the GST Act states that a supply does not include a supply of money unless the money is provided as consideration for a supply that is a supply of money.

Section 195-1 of the GST Act, defines money to include currency but does not include:

a collector's piece, or
an investment article, or
an item of numismatic interest, or
currency the market value of which exceeds its stated value as legal tender in the country of issue.

Money includes Australian and foreign currency notes and coins and a supply of these things do not constitute a supply where they are supplied as currency in the form of payment to discharge an obligation. It is a financial supply and input taxed as described in Sub-regulation 40-5.09 (3) item 9 of the GST Act.

Where money is supplied as an item of numismatic interest, collector's piece and investment article, this is a supply of goods and generally is a taxable supply where it satisfies section 9-5 of the GST Act. Where it satisfies the definition of precious metal, it is an input taxed supply.
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Have to remember not to bring in any .900 or 22k coins like old sovs or Austrian ducats. I wonder how they would deal with foreign currency like $8000 in ASE's that's current US currency and under the 10k aud reporting minimum.

Apparently the strict Indian gold taxes make allowences for people who have been overseas for a while (6 months or a year) to carry a kilo into the country free. I read an article saying that 300 odd out of like 320 people on a plane from Dubai to Mumbai had a kilo of gold on their person. Creak
crazy.
 
There is no clear answer on this matter.
Taxation is something apart: if you bring in pure silver and gold that's out of the equation.
Now the face value thing: from looking into it, no where is it mentioned this is what is accounted for. At the end of the day I guess you could try and play it dumb arguing you were reporting face value, but if you think customs won't see you come, you are mistaken. You will be looked upon suspiciously without a doubt.
Best bet is to declare it's face value and have proof of ownership where possible.
Also a good idea to bring in less than 10k worth but I would still carry proof of ownership.

I personally think it's such a hassle I would not try to do it, unless it's under 10K.
With customs it's the lottery: you never know what officer you gonna get, what mood they'll be in and how they'll look at your stack.
 
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