Perth Bullion Liquidation

It's all speculation, when I spoke to Gladstone they mentioned in not so many words that the premises may be even more secure than it was before, presumably due to limited access. The fact they are still offering insurance leads me to believe some initial inspection was done to ensure the boxes were still secure.

It doesn't matter anyway the only people who know what the FK is going on are obviously not helping the administrator...I'm thinking that we do need to get our collective shit together (SDB holders) and seek legal advice sooner rather than later. The longer this drags on the murkier the waters could get and the more stress it's going to inflict.

I personally will wait for the updated circular tomorrow and take it from there.
 
I re-iterate.

If you don’t want the return of your possessions to be tied to the determination of ownership of 450 SDB’s – months and months…

I'd like to hear from anyone or any group who would like to enter into discussion about seeking a court order to force the liquidator to return our possessions to us.
 
We have a telegram group for whoever interested to join & discuss in private - strictly for casualties only.
Please inbox me for links.
Also, check your inbox. I may have sent you the links already.
 
Also sad to see them go mainly over GST issues on collector coins I believe. These have been deemed collectible investments not bullion which is exempt and are actually similar to stamps or paintings. Warning! Misunderstandings over the need to pay GST on these items and also the sale by private individuals with significant above GST threshold values have caused parties to come to grief with the tax department.
 
Graeme Smith said:
Also sad to see them go mainly over GST issues on collector coins I believe. These have been deemed collectible investments not bullion which is exempt and are actually similar to stamps or paintings. Warning! Misunderstandings over the need to pay GST on these items and also the sale by private individuals with significant above GST threshold values have caused parties to come to grief with the tax department.
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You believe wrong. Nothing to do with collector coins, they have always charged GST on them and proofs, other bits and pieces as well.
 
iceblue said:
You believe wrong. Nothing to do with collector coins, they have always charged GST on them and proofs, other bits and pieces as well.
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There is no misunderstanding.... It was a deliberate ploy by the ATO to shut down bullion businesses as they were embarrassed by losing almost $1 Billion AUD in GST revenue to carousal fraud.

SGB and Perth Bullion did not participate in scrap buying, and hence the ATO used a different ploy to shut them down. These businesses forewent the revenues that the dodgier businesses were more than happy to take. They were crucified anyway.

Again, if the ATO applied the same ruling to the rest of the industry, the Perth Mint's own retail shop would either be in liquidation, or receiving a WA govt. bailout.
 
Captain Kookaburra said:
There is no misunderstanding.... It was a deliberate ploy by the ATO to shut down bullion businesses as they were embarrassed by losing almost $1 Billion AUD in GST revenue to carousal fraud.

SGB and Perth Bullion did not participate in scrap buying, and hence the ATO used a different ploy to shut them down. These businesses forewent the revenues that the dodgier businesses were more than happy to take. They were crucified anyway.

Again, if the ATO applied the same ruling to the rest of the industry, the Perth Mint's own retail shop would either be in liquidation, or receiving a WA govt. bailout.
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Captain, if PB is not in the wrong, what justification do they use to collect GST on items that don't have GST on it and do they expect PB to pay that out? And would PB actually have to pay GST on an item that is exempt from GST? If its found that the ATO is in the wrong, wouldn't they have to give PB a tax refund?
 
fishduck said:
Captain, if PB is not in the wrong, what justification do they use to collect GST on items that don't have GST on it and do they expect PB to pay that out? And would PB actually have to pay GST on an item that is exempt from GST? If its found that the ATO is in the wrong, wouldn't they have to give PB a tax refund?
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They have no justification. They say "Fight it in court!". They are Bullies.

It is ridiculous to expect a company like PB to charge GST on coins it bought from the WA Govt, without GST. Where everyone else in the country can quite happily sell the same coins without GST.

The ATO does owe PB a tax refund.

The liquidators should be seeking this refund for their creditors. And if they wanted to increase their own paycheck, they would do so.

Unfortunately, they don't want to upset the ATO gravy train.

1930s Germany anyone?
 
Well that would do it wouldn't it...ATO applies GST to retrospective bullion sales would explain the initial tax bill, remember it was initially much higher than $2 mill.

Not sure the justification they used here...my understanding was that investment grade bullion was always GST exempt.

Who's next? Gold Stackers?
 
iceblue said:
And our ruling was not just about coins, they specified that Pamp bars should also have GST - basically because they have a picture on them. Go figure!
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just going by that alone a lot of dealers could be in trouble......citygoldbullion.com.au states clearly on their website "All PAMP silver bullion is GST-free." just as an example
I wonder how it would affect pricing in Australia if the ATO was to wipe out most of the "to the public" dealers making it harder for the average joe to buy PM's
 
herkyderky said:
I wonder how it would affect pricing in Australia if the ATO was to wipe out most of the "to the public" dealers making it harder for the average joe to buy PM's
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Same as India, when they lost the big notes they were buy gold at $2000 us to keep there wealth and a massive underground market to avoid taxes. like anything the Government try to stop.
 
Bullionme said:
We have a telegram group for whoever interested to join & discuss in private - strictly for casualties only.
Please inbox me for links.
Also, check your inbox. I may have sent you the links already.
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I can't access this group. At work it's blocked and on my Mac it doesn't recognise the domain 'tg'.
Can you assist please? I will keep trying on the weekend. I note the members and want to be a part.
 
King kong said:
I can't access this group. At work it's blocked and on my Mac it doesn't recognise the domain 'tg'.
Can you assist please? I will keep trying on the weekend. I note the members and want to be a part.
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Same happened to me, then I downloaded Telegram from playstore on my phone & put link in & it worked
 
Security box holder here too. Talked to police, they aren’t interested at this point “civil”. Will be off to get some advice this week. Interested definitely in joining a group of affected investors..
 
Jeza Dunne said:
Security box holder here too. Talked to police, they aren’t interested at this point “civil”. Will be off to get some advice this week. Interested definitely in joining a group of affected investors..
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I am calling everyday and RSM advice to be patient and wait for the next circular, I guess we just have to wait for the outcome of investigation at this stage. I called Gladstone and they sent me an insurance quote of $500 for my safety box, don’t know why I need to pay as my box was already insured with PB
 
Sam12 said:
I am calling everyday and RSM advice to be patient and wait for the next circular, I guess we just have to wait for the outcome of investigation at this stage. I called Gladstone and they sent me an insurance quote of $500 for my safety box, don’t know why I need to pay as my box was already insured with PB
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The latest circular advising people to get insurance on their locked boxes is akin to encouraging insurance fraud as far as I can see. How can you insure something you cannot even confirm is still even there? How can you take out insurance knowing there is high potential to claim without declaring that fact to the potential insurer? Who (Insurer) is going to want to put their insurance companies name to that???
 
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