Buying gold/silver from USA

SodaPop

SodaPop

Active Member
I am interested in a few pieces from USA that are hard to find in Australia. Is there any customs hassle getting stuff overseas into Australia? Taxes? Etc. Anyone here done it before?

From what I've read silver and gold bullion is GST free but not sure about the other taxes one might have to pay. Any tips?

Alternatively does anyone in Australia import stuff from SDBullion/APMEX already?
 
GST/import levy 10%.. will be collected when your parcel is already in AUS… not that posty had ‘hit and miss’ on this, but fleeeBay will take it on checkout…

note that used to be <$1000AUD is import/GST exemption…but no more… thx to Gerry Harvey!
 
From Australian Border Force
https://www.abf.gov.au/importing-ex...ting-precious-metals-coins-jewellery-currency

It looks like there are different rules for bullion products with legal tender values. Note they say VALUE which implies from the second statement to be based on the metal value rather than the legal tender value.

1. The Australian Border Force may direct an importer to complete the AUSTRAC Physical Currency Form if:

  • the consignment consists of precious metal coins classified as legal tender, and
  • the value of the consignment exceeds AUD10,000
2. Goods valued at more than AUD1000 require an import declaration. Goods valued at, or below, AUD1000 require a self-assessed clearance (SAC) declaration.

So buying 2 10oz silver bars for example would mean you need a SAC declaration. This however can be difficult. Reading the link https://www.abf.gov.au/importing-exporting-and-manufacturing/importing/how-to-import/import-declaration shows that you have to register and pay to submit a SAC and it can't be imported via mail and then goes into stuff about importing I don't know. Does anyone else know how the import should happen?
 
^^^
this SAC dec is correct, thus, I said ‘hit-and-miss’ by postie…but if you’re using FedEX and DHL, they surely won’t miss this bit… :eek:
 
My experience from buying gold coins from the USA (e.g. Heritage Auction) or Germany (e.g. WAG) was that they ship the coins with a tax declaration of contents or similar. I then get a text from FedEx stating that 10% for the import needs to be paid. I pay the 10% via EFT and they deliver the package. I should add that those were 0.900 purity, so the attracted GST. It is my understanding that for 999 (don't recall the exact cut-off, I think it's 995 for AU) type bullion you don't have to pay any GST.
 
Last edited:
silverdude said:
My experience from buying gold coins from the USA (e.g. Heritage Auction) or Germany (e.g. WAG) was that they ship the coins with a tax declaration of contents or similar. I then get a text from FedEx stating that 10% for the import needs to be paid. I pay the 10% via EFT and they deliver the package. I should add that those were 0.900 purity, so the attracted GST. It is my understanding that for 999 (don't recall the exact cut-off, I think it's 995 for AU) type bullion you don't have to pay any GST.
Click to expand...

So what is the best approach here, order somewhere from 1000 to 9999 AUD worth of bullion? Why is it $10000 for imports vs $5000 for domestic in regards to the money people in Aus?
 
Simple rule of thumb is that if GST is payable on the same item in Australia, then over AUD1,000.00 in value, then you would pay GST.

If GST is not payable on an item in Australia as is the case with 999/995 bullion , then no GST payable on 999/995 bullion that is imported.

Extract from @Miksture 's link below.

Importing precious metals, coins, jewellery and currency
Precious metals
To be precious metal, the object must be a metal of gold, silver, or platinum meeting a minimum fineness. A New Tax System (Goods and Services Tax) Act 1999 (GST Act) defines precious metals as:

  • gold (in an investment form) of at least 99.5% fineness
  • silver (in an investment form) of at least 99.9% fineness
  • platinum (in an investment form) of at least 99% fineness
Precious metals meeting the minimum fineness when imported are duty and GST free. For more information see Australian Taxation Office website.

Also refer ATO link below.

https://www.ato.gov.au/business/gst...Nontaxableimportations#Nontaxableimportations

Non-taxable importations
Some goods imported into Australia are not subject to GST.

These are goods that:

  • would have been GST-free or input taxed if supplied within Australia such as basic food, certain medical aids and appliances, cars for use by certain people with disabilities and precious metals

As the average Govt employee who works for Border Force, Customs etc probably won't know the ATO tax law on precious metals, there is a high chance they'll try and charge you the GST. If this happens, email them back with the two links above also noting GST is not payable etc and ask for the stat dec form...You can always have the seller state on the export certificate that the box only contains 9999 silver or gold bullion but then you are putting a big "steal me" sign on the parcel.

I'm not aware that there is any limit to the $ value you can import re bullion. Can't see it on the ATO web site and if there was, the likes on Bullion Now would be talking about it in their videos.

I went down this path a few years back (more than AUD1.0k, less than AUD10k worth) for some decent priced gold and silver from SD Bullion at the time. Whilst from a AUD perspective it was cost effective to import, I can't be bothered dealing with Border Force / Customs again....it was a complete PITA.
 
SodaPop said:
So what is the best approach here, order somewhere from 1000 to 9999 AUD worth of bullion? Why is it $10000 for imports vs $5000 for domestic in regards to the money people in Aus?
Click to expand...
I am no expert, but I think the $10000 limit is just a limit above which you should declare. It is not illegal to import more, just like it is not illegal to bring more with you on a plane. It just needs to be declared and no attempt be made to deliberately conceal. The reason is probably to stop money laundering and the like. 999 silver would still be free of GST, even above $10,000. Just don't try to sneak it across. Tell them about it and it should be all good, that's the spirit anyhow.
 
I used to buy Kangaroo gold coins 9999 (bullion) from Singapore. As they are $100 Aussie tender, the custom here has to respect that. I has no issue at all with coins.
 
Oddjob said:
Simple rule of thumb is that if GST is payable on the same item in Australia, then over AUD1,000.00 in value, then you would pay GST.

If GST is not payable on an item in Australia as is the case with 999/995 bullion , then no GST payable on 999/995 bullion that is imported.

Extract from @Miksture 's link below.

Importing precious metals, coins, jewellery and currency
Precious metals
To be precious metal, the object must be a metal of gold, silver, or platinum meeting a minimum fineness. A New Tax System (Goods and Services Tax) Act 1999 (GST Act) defines precious metals as:

  • gold (in an investment form) of at least 99.5% fineness
  • silver (in an investment form) of at least 99.9% fineness
  • platinum (in an investment form) of at least 99% fineness
Precious metals meeting the minimum fineness when imported are duty and GST free. For more information see Australian Taxation Office website.

Also refer ATO link below.

https://www.ato.gov.au/business/gst...Nontaxableimportations#Nontaxableimportations

Non-taxable importations
Some goods imported into Australia are not subject to GST.

These are goods that:

  • would have been GST-free or input taxed if supplied within Australia such as basic food, certain medical aids and appliances, cars for use by certain people with disabilities and precious metals

As the average Govt employee who works for Border Force, Customs etc probably won't know the ATO tax law on precious metals, there is a high chance they'll try and charge you the GST. If this happens, email them back with the two links above also noting GST is not payable etc and ask for the stat dec form...You can always have the seller state on the export certificate that the box only contains 9999 silver or gold bullion but then you are putting a big "steal me" sign on the parcel.

I'm not aware that there is any limit to the $ value you can import re bullion. Can't see it on the ATO web site and if there was, the likes on Bullion Now would be talking about it in their videos.

I went down this path a few years back (more than AUD1.0k, less than AUD10k worth) for some decent priced gold and silver from SD Bullion at the time. Whilst from a AUD perspective it was cost effective to import, I can't be bothered dealing with Border Force / Customs again....it was a complete PITA.
Click to expand...
Thanks for the good info. I already know from other things that buying overseas with certain items is annoying as hell when it comes to customs. It is just some of the pieces you can get over there look really good.
 
^^^
good luck with your venture…I normally get hit with GST/import levy (whatever name AUS govt uses) when BU regardless what that import link says…. especially when using FedEX or DHL cause they meticulously chk the declaration form….yes, back in old days, goods <$1000AUD is GST-free.
 
bubblebobble2 said:
^^^
good luck with your venture…I normally get hit with GST/import levy (whatever name AUS govt uses) when BU regardless what that import link says…. especially when using FedEX or DHL cause they meticulously chk the declaration form….yes, back in old days, goods <$1000AUD is GST-free.
Click to expand...

Do you know anyone in AUS That stocks some of that US stuff?
 
^^^
what are you after? Is BU Scottsdale… plenty @KJC.. but then again they’re very much overpriced…and most of stuff can get them here, to some extent… note that US is under-supply atm with smaller /fractional bars/coins…anything <1KG is scarce there in US and EU..unless newly produced ones, with hefty premiums…

but if you’re completing your ‘collections’, then go overboard to purchase as those are really what you wanted..small price to pay (GST) if you’re completing a collection.

PS-for me, I’d be supporting local dealers (and SS forum mbrs) then getting overseas, unless you can’t find them here…
 
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