Public Message from South Gippsland Bullion.
- Thread starter iceblue
- Start date
Just wanted to say "Thank You" and hope to still hear from you in SS...All the best!
iceblue
Well-Known Member
DISCLAIMER: South Gippsland Bullion deems all our recent correspondence with the ATO to be fair and reasonable. Any opinions expressed via silverstackers members in his thread are not those of SGB.
We recently went thru an audit from the ATO.
The auditor found SGB in breach of the GST act.
Basically we should have been charging GST on bullion which entered the retail market.
As of the 10/05/2016 SGB would have to charge GST on sales of bullion going into the retail market - you the consumer.
You can see now why we are closing down.
Several bullion dealers both small and large are going thru the same process with the ATO. We wish them luck.
The bullion industry is not taking this lightly.
Thats all Iam prepared to tell you all at this stage.
Once again thanks to everyone that has supported us and thanks for the well wishes.
Iceblue.
We recently went thru an audit from the ATO.
The auditor found SGB in breach of the GST act.
Basically we should have been charging GST on bullion which entered the retail market.
As of the 10/05/2016 SGB would have to charge GST on sales of bullion going into the retail market - you the consumer.
You can see now why we are closing down.
Several bullion dealers both small and large are going thru the same process with the ATO. We wish them luck.
The bullion industry is not taking this lightly.
Thats all Iam prepared to tell you all at this stage.
Once again thanks to everyone that has supported us and thanks for the well wishes.
Iceblue.
I think its the difference between generic bullion coins, minted in the hundreds of thousands, and collector bullion coins, minted in the thousands or hundreds.
11. To be the metal gold, silver or platinum, the item must have the character of the metal rather than the character of a thing made from the metal. Items such as jewellery that happen to be made of gold, silver or platinum are not gold, silver or platinum for the purposes of the definition of precious metal in the GST Act. They no longer have the character of the metal gold, silver or platinum. They have the character of jewellery made from gold, silver or platinum. They are therefore not precious metal for the purposes of the GST Act.
12. A factor that can point to whether something has lost its character as the metal gold, silver or platinum is whether it is traded at a price that is determined by reference to the prevailing spot price for the metal. If something is not usually traded at a price determined by reference to the prevailing spot price of its metal content it is not being traded for its metal value only. This suggests that it does not have the character of the relevant metal. It has another character. An example is proof coins. As noted at paragraph 38, proof coins are traded at a price that reflects the quality of the finish over and above what is necessary to trade the metal value. The price is not determined solely by the metal value of the coin. The price is determined by reference to the spot price and by reference to the quality of the physical characteristics of the coin.F1 The latter indicates that proof coins are not traded for the metal value only and therefore indicates that they do not have the character of the metal, but rather the character of manufactured articles, that is, coins made from the metal. This means that proof coins are not precious metal.
12. A factor that can point to whether something has lost its character as the metal gold, silver or platinum is whether it is traded at a price that is determined by reference to the prevailing spot price for the metal. If something is not usually traded at a price determined by reference to the prevailing spot price of its metal content it is not being traded for its metal value only. This suggests that it does not have the character of the relevant metal. It has another character. An example is proof coins. As noted at paragraph 38, proof coins are traded at a price that reflects the quality of the finish over and above what is necessary to trade the metal value. The price is not determined solely by the metal value of the coin. The price is determined by reference to the spot price and by reference to the quality of the physical characteristics of the coin.F1 The latter indicates that proof coins are not traded for the metal value only and therefore indicates that they do not have the character of the metal, but rather the character of manufactured articles, that is, coins made from the metal. This means that proof coins are not precious metal.