Perth Bullion Liquidation

[QUOTE="argento, post: 1089855, member: 2764

Basically to simplify what is happening.....if bullion is sold for more that 10% over spot ...then GST is payable.

)[/QUOTE]

I believe you may still charge more than 10% over spot price for example the Perth mint series 2 lunar series silver coins all sold for more than 10% over spot ( generally the lower the weight the higher the premium) however as a reseller you may ask for more than 10% over spot but all coins of the same weight and series ie mouse ,ox tiger pig etc would have to sell at the same price over spot otherwise any difference could be assumed to be because of the markings on the metal
 
Oddjob said:
May I ask if these were recent orders / purchases or older purchasers they stored for you. Also, was it vaulted, allocated, un-allocated given the correspondence and request you rec'd to remove your purchasers from storage, this is a real life example of what has been discussed in SS re what happens if a bullion dealer holds your PM's and they go under etc.
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It was regarding orders I had bought and paid for, but elected to be stored at Perth bullion until I was ready for delivery. Basically combining multiple orders into one delivery in order to save on shipping costs. A screenshot is included below.

30FA8685-B0A7-4E7C-A864-FE15A3074127.jpeg
 
Oddjob said:
Thanks for the response. It good you got your purchases.
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I’m still waiting on them. Once I got the email I paid the shipping cost immediately, but they said in response that their bank details had changed and now I had to wait an extra week for it to clear into the new account o_O

That’s some red flag.
 
dollars said:
[QUOTE="argento, post: 1089855, member: 2764

Basically to simplify what is happening.....if bullion is sold for more that 10% over spot ...then GST is payable.

)
Click to expand...

I believe you may still charge more than 10% over spot price for example the Perth mint series 2 lunar series silver coins all sold for more than 10% over spot ( generally the lower the weight the higher the premium) however as a reseller you may ask for more than 10% over spot but all coins of the same weight and series ie mouse ,ox tiger pig etc would have to sell at the same price over spot otherwise any difference could be assumed to be because of the markings on the metal[/QUOTE]

I hear what you are saying , but the question was raised at a meeting with the ATO back in April 2017.....and they refused to comment or put it in black and white. Basically I wouldn't want to be a bullion dealer . The government don't like not being in control and not knowing what assets people have, so they are going to make it harder to obtain PM's......and are using bullion dealers as an escape goat to raise revenue by twisting the interpretation of the legislation to suit them.

the biggest problem that bullion dealers have is that the ATO will not give them a ruling on what they can or cant do.......now I'm unaware that this has changed, so if anyones has managed to get a ruling from the ATO allowing to sell bullion , say over 10% without the need to collect GST...would love to hear from them.
 
This is sad, I nearly bought a 10 oz silver lunar from them last year but didn't due to the shipping cost. Their support is very good.

I was talking about GST on precious metals when negative interest rates finally arrive because everyone will be scrambling to buy physical metals. It appears that this will be happening faster than I thought. Would we see premiums rising in a couple months or next year the latest once selling from the secondary market dries out?
 
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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.
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Just reading this but immediately GST ruling came to mind....
 
What was that ruling (CHANGING THE RULES OF THE GAME) back in the 1980's?
It didn't affect me then, but it was a flagrant abuse of the 'RULES OF THE GAME' the oldies were playing by.
Was it you had to take a lump sum of your Super, or, you weren't allowed to take your Super in a lump sum? Any old FARTS remember that RIP_OFF by the Taxation Dep't?
It is no wonder people are talking about Pitchforks & Necktie parties for certain people.
p.s. I'm glad I'm not some L@RD @$$ Pen-Pusher sitting at a desk STEALING the wealth of hard working people. _RANT OFF.
 
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sooner we will learn on information privacy?
once the customers information is at the public hand
we can kiss the record remaining private a good bye
the protector is taken as good as no one around any longer
information at the public hand are always "leak" out
 
alor said:
there are still paper trails
look at order details, all are there....unless you never buy anything :)
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Pay cash at the place of purchase & then they only have your face on the Security Camera while you are in the building.
Sign John Doe on the form if it is under $5,000. Over $5,000 & you may need to get additional metals from another dealer.
 
So rumor, My local coin shop said they got in trouble for selling $1 type perth mint legal tender without GST when it should have had it? He also claimed Perth Mint has been giving the sale records to the ATO and they were the big fish with more to come. Now this could be total BS but sounds to have some reason behind it, Thoughts from any experts.
 
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