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  • » Bullion Baron: Australia's Bullion GST Fraud Still Under Wraps

#51 2017-03-01 10:37:50

goldpelican
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Re: Bullion Baron: Australia's Bullion GST Fraud Still Under Wraps


My posts on Silver Stackers are either personal opinion or acting in the capacity of site administrator. Opinions offered do not constitute professional or financial advice.

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#52 2017-03-01 16:20:20

Bullion Baron
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From: Adelaide
Registered: 2009-09-14
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Re: Bullion Baron: Australia's Bullion GST Fraud Still Under Wraps

"We've introduced a voluntary reverse-charge mechanism and released a new tax determination on second-hand goods [scrap gold] that seems to be reverting refund arrangements in relation to the gold industry back to the kinds of levels that we've seen earlier, rather than in this most recent period," he said.

Has anyone seen a link to the new tax determination?

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#53 2017-03-01 19:18:11

goldpelican
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Re: Bullion Baron: Australia's Bullion GST Fraud Still Under Wraps


My posts on Silver Stackers are either personal opinion or acting in the capacity of site administrator. Opinions offered do not constitute professional or financial advice.

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#54 2017-03-01 19:33:13

Bullion Baron
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Re: Bullion Baron: Australia's Bullion GST Fraud Still Under Wraps

Looks likely, thanks that is interesting reading.

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#55 2017-03-01 19:40:44

SilverDJ
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From: Australia
Registered: 2014-11-01
Posts: 2,527

Re: Bullion Baron: Australia's Bullion GST Fraud Still Under Wraps

Wow, is there a TLDR?

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#56 2017-03-01 19:43:25

Bullion Baron
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Posts: 7,296
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Re: Bullion Baron: Australia's Bullion GST Fraud Still Under Wraps

SilverDJ wrote:

Wow, is there a TLDR?

lol try this:

C53rw6EWgAUt327.jpg

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#57 2017-03-01 22:56:44

sbc
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From: Australia
Registered: 2015-10-14
Posts: 22
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Re: Bullion Baron: Australia's Bullion GST Fraud Still Under Wraps

The "draft" seems silly to me. A lot of the work seems to be placed on small business. Jewellers etc a lot of onus is on them to determine the intrinsic value of goods. If a jeweller buys something as something they believe they can sell as a piece but after X amount of days, years months are unable to sell it and the item is scrapped do they go then to claim an input tax credit? GST is goods and service tax, a service is provided by the person purchasing the jewellery, the time taken to clean and make it saleable. This system seems very out of touch with the industry, the easier solution would have been to put a blanket GST on bullion products.

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#58 2017-03-02 01:27:08

Bullion Baron
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From: Adelaide
Registered: 2009-09-14
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Re: Bullion Baron: Australia's Bullion GST Fraud Still Under Wraps

sbc wrote:

This system seems very out of touch with the industry, the easier solution would have been to put a blanket GST on bullion products.

How would it be reasonable to charge GST on an investment asset? Would it be reasonable then to introduce GST on the full purchase price of shares and property?

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