Perth Bullion Liquidation

N

nighttrader

New Member
Am I missing something? Perth Bullion was placed into liquidation by the ATO and I cannot find any mention of this anywhere here.
 
You should Google "bullion bourse liquidation" as this is the name of the company. You will get the details and the appointed liquidator, Neil Raymond Cribb. They might be trying to sell it as a going concern as the website is still operational but they do not answer the phone.
 
I got an email from them yesterday saying they wanted all my orders i had in storage to be shipped within 48 hours. Took me off guard for sure! Shame if they go under, I really liked them!
 
So the Australian Bullion Dealer with the biggest variety of coins/bars (afaik) and very good prices is going under?

Speaks volumes to me about the precious metals market....
 
This is indeed a very sad day for me.

It is NOT a reflection on the bullion market, but the result of an ATO order asking for GST to be remitted on coins that were clearly GST free according to the ATOs own guidelines (GSTR 2003/10).

I wish I could say more but I can't.

Ck.
 
Captain Kookaburra said:
This is indeed a very sad day for me.

It is NOT a reflection on the bullion market, but the result of an ATO order asking for GST to be remitted on coins that were clearly GST free according to the ATOs own guidelines (GSTR 2003/10).

I wish I could say more but I can't

Ck.
Click to expand...

It seems that to sell bullion coins you would have to list price related to spot price of metal

Ie 1oz gold lunar dragon 2012 spot +25%. Quite possibly all similar coins would need to be the same price?

KC. Can you say more in private or are you bound to silence?
 
Last edited:
What happens to their storage products? Both allocated and unallocated.
They had a SMSF storage program.
EDIT: I see they contacted people to remove all storage items within 48hours.
 
harry_mr said:
Anything to do with Bullion Now mystery boxes they bought
Click to expand...

This is nothing to do with the Bullion Now mystery boxes. We purchased those off a Melbourne based manufacturer via one of our wholesalers.

You can probably guess who if you watch the video closely :)

We are aware of the situation in Perth and our sympathies go to those involved.

Michael
 
dollars said:
It seems that to sell bullion coins you would have to list price related to spot price of metal

Ie 1oz gold lunar dragon 2012 spot +25%. Quite possibly all similar coins would need to be the same price?

KC. Can you say more in private or are you bound to silence?
Click to expand...

Price related can be either a % or fixed price. This creates confusion.

To add to that, Perth Mint charges its wholesalers a % over Gold for coins, a fixed $ price for Gold bars and a fixed price for Silver.

As spot moves, it affects one style of pricing more than others. Any interpretation of GST status that includes a fixed threshold is going to have problems.
 
Last edited:
Yep and wouldn't surprise me to see the Perth Mint being the only bullion dealer left in Australia...that way they will be able to track who is buying and selling...yes a monopoly.
Also, with the Perth Mint being government backed, cant really see the ATO doing a GST audit on them, as their GST bill would be in the millions based on current ATO rulings and legislation.

Basically to simplify what is happening.....if bullion is sold for more that 10% over spot ...then GST is payable. Now bullion is supposed to be GST free but the way the legislation reads it allows the ATO to interpret the legislation anyway they see fit.

So as we all know , so if spot was $20.....and a dealer sells bullion for 10% over spot = $22.
Now look at the Perth Mint....spot is $21....I think their cheapest coin is about $24 (I could be wrong) so under the new legislation GST is applicable, but the ATO aren't going after the Perth Mint...as I stated before I can see a monopoly on its way.

But then you have Perth Bullion who say buy a bullion coin from Perth Mint for say $22 with their price break, now Perth Bullion need to make money so they sell the coin for $24.....now keeping in mind that spot is $20.....Perth Bullion should be charging GST, as the ATO have manipulated the legislation so they can use the spot price as a bench mark, knowing dam well that no bullion dealer can sell silver for 10% over spot....

before you comment on what I have said..read the legislation (excuse any spelling mistakes or poor grammer :) )
 
Yep, all the products categories are still there but zero products listed. Must be systematically shutting it down today.
 
Likely its more about the government wanting to get a cut on a transaction that they previously didn't. The parasite doesn't want to kill the host, it needs it to survive.
 
You must log in or register to reply here.
Back
Top