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#1 2011-06-30 11:45:07

Blockhead
Member
From: BrisBanal
Registered: 2010-08-03
Posts: 1,744
Trades :   35 

INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

I have been approached by a number of members recently who have been having difficulties with being falsely charged GST on bullion imports over $1000 by Fed Ex and have been forced to go through the annoying process of applying for a PRIVATE GST RULING from the ATO.

I have gone through this horrible process successfully and have been happy to help people out, i thought it might be more useful to put this information into a permanent thread for easy reference. I am not even remotely close to anything resembling a tax expert, i just happen to have gone through this process successfully so am merely sharing the knowledge and insights i have gained to the rest of SS. Please feel free to chime in if you think anything i have said is incorrect or if you have anything to add. Sorry for the long post.

Precious Metals and GST

http://law.ato.gov.au/atolaw/view.htm?d … /ATO/00001

Under the GOODS AND SERVICES TAX RULING 2003/10 (GSTR 2003/10) a PRECIOUS METAL is defined in section 195-1 as being GOLD or SILVER of 99.5%+  or PLATINUM of 99%+ fineness.

The metal gold silver or platinum must also be deemed to be in an INVESTMENT FORM.

There are a number of ways that indicated investment form, the primary being that the metal is traded a priced determined by REFERENCE TO THE PREVAILING SPOT PRICE. This means the price will go up and down in accordance to movement in spot price. A manufacturing premium is still applicable it does not mean the metal must trade AT spot price, only that the price is referenced to spot. Jewellery is not considered as an investment form, neither are numismatics as the price is determined by rarity and condition, not spot price. Proof coins are also traded at an 'issue price' which is not considered to be referenced to spot price.

Another requirement to determine investment form is that the metal HAS BEEN REFINED BY A REFINER OF PRECIOUS METALS. This means that the refiner is an "entity that regularly converts or refines precious metal in carrying on its enterprise." Home poured ingots are not recognised as investment form. This section of the GST act also stipulates that the supply must be made to a DEALER IN PRECIOUS METAL. This is where the confusion typically sets in with Fed Ex Customs brokers. There is a separate provision in section 40-100 that allows for INPUT TAXED SUPPLY that means a NON DEALER in PRECIOUS METAL can still be exempt from GST. If you are NOT A DEALER you will have to make reference to this section.

The metal gold silver or platinum must also be in a TRADEABLE FORM. Specifically a BAR, WAFER or COIN.

The metal gold silver or platinum must BEAR AN ACCEPTED MARK OR CHARACTERISTIC. This means it must bear an internationally accepted hallmark or bear some mark that IDENTIFIES AND GUARANTEES IT'S FINENESS AND QUALITY.

GSTR 2003/10 wrote:

Summary of what is in an investment form
29. To summarise the above, for gold, silver or platinum to be in an investment form for the purposes of the GST Act, it must be in a form that:
·
 is capable of being traded on the international bullion market, that is, it must be a bar, wafer or coin;
·
 bears a mark or characteristic accepted as identifying and guaranteeing its fineness and quality; and
·
 is usually traded at a price that is determined by reference to the spot price of the metal it contains.


When you apply for a private ruling, you will need to establish that the bullion product you are importing satisfies the above requirements to be deemed a PRECIOUS METAL for the purposes of GST. You will need to demonstrate that price is derived from spot price and provide an image of the coin, bar or wafer that demonstrates that it bears the appropriate marks or characteristics. Provide links to the website where you purchased the bullion to demonstrate that the price is derived from spot. You can also if you wish address specific sections of the code in your application in the section 9 Your argument and references

SECTION 40-100  http://www.customs.gov.au/site/page5350.asp#e946

Section 40-100 - Precious metals wrote:

Under section 13-5 of A New Tax System (Goods and Services Tax) Act 1999 (the GST Act), you make a taxable importation if you import the goods for home consumption. However, the importation is not a taxable importation to the extent that it is a non-taxable importation.
An importation of precious metal will be a non-taxable importation if it would have been a supply that was GST-free or input tax if it had been a supply.
Unless the importations of precious metal meet the requirements below, they will be taxable importations.
GST-free supply
Under section 38-385 of the GST Act, the first supply of precious metals after its refining by the refiner, or on behalf of the supplier will only be GST-free if the recipient of the supply is a dealer in precious metals.
As defined under section 195-1 of the GST Act, precious metal means:
(a) gold (in an investment form) of at least 99.5% fineness; or
(b) silver (in an investment form) of at least 99.9% fineness; or
(c) platinum (in an investment form) of at least 99% fineness; or
(d) any other substance (in an investment form) specified in the regulations of a particular fineness specified in the regulations of at least 99.5% fineness.
No regulations have been made to specify any other substance.
To be precious metal for the purposes of GST, the metal must therefore be gold, silver or platinum.
A dealer in precious metal means an entity that satisfies the Commissioner that a principal part of carrying on its enterprise is the regular supply and acquisition of precious metal.
A refiner of precious metal means an entity that satisfies the Commissioner that it regularly converts or refines precious metal in carrying on its enterprise.
The expression 'in an investment form' means the metal must be in a physical form that is capable of being traded on the international market by entities which trade in such a market. Bullion coin is only traded in for the metal value at the prevailing spot price.
Input taxed supply
Section 40-100 of the GST Act provides that a supply of precious metal as defined in section 195-1 is input taxed. If a supply is input taxed, then no GST is payable on the supply, and there is no entitlement to an input tax credit for anything acquired or imported to make the supply.
Money and other things
Subsection 9-10(4) of the GST Act states that a supply does not include a supply of money unless the money is provided as consideration for a supply that is a supply of money.
Section 195-1 of the GST Act, defines money to include currency but does not include:
    •    a collector's piece, or
    •    an investment article, or
    •    an item of numismatic interest, or
    •    currency the market value of which exceeds its stated value as legal tender in the country of issue.
Money includes Australian and foreign currency notes and coins and a supply of these things do not constitute a supply where they are supplied as currency in the form of payment to discharge an obligation. It is a financial supply and input taxed as described in Sub-regulation 40-5.09 (3) item 9 of the GST Act.
Where money is supplied as an item of numismatic interest, collector's piece and investment article, this is a supply of goods and generally is a taxable supply where it satisfies section 9-5 of the GST Act. Where it satisfies the definition of precious metal, it is an input taxed supply.


This is a confusing document, the key aspect to focus on is that it mentions that

you make a taxable importation if you import the goods for home consumption. However, the importation is not a taxable importation to the extent that it is a non-taxable importation.
An importation of precious metal will be a non-taxable importation if it would have been a supply that was GST-free or input tax if it had been a supply.

This means that if you make an import for HOME CONSUMPTION, if the import satisfies the criteria of a PRECIOUS METAL it will be INPUT TAXED AT ZERO PERCENT as opposed to "GST-free". The result is the same but the terminology is different.
To summarise, an import to a DEALER is GST-free, an import for HOME CONSUMPTION is INPUT TAXED.


FILLING OUT THE APPLICATION.

The application can be downloaded here http://www.ato.gov.au/docs/nat13742.rtf (Update 14th Nov 2014 - try https://www.ato.gov.au/uploadedFiles/Co … wnload.pdf)

You must enter your personal details and include your TAX FILE NUMBER. Even though they say it is optional they WILL NOT ISSUE A PRIVATE RULING WITHOUT YOUR TAX FILE NUMBER.

Section C QUESTIONS AND FACTS

7 Questions and issues for the ruling.

You must provide a specific question that the ruling will answer. In this case the 2 questions you want answered are

Is this bullion product considered a PRECIOUS METAL as defined in the GST ACT?

Is GST payable on importation of this bullion product?

8 Facts describing the scheme or circumstance

Write a specific description of your situation. An example would be

on this date, i imported these products from this company for this price. When the products were delivered, Fed Ex Courier company refused to deliver my package without paying GST. I require a private ruling to obtain a refund of GST from Fed Ex company.

Be as specific as possible. Include links to the website of where you purchased the bullion from. Provide as much info as you can to make the job as easy as possible for the ATO officer. ATO officers like it when their job is easy.

9 Your argument and references

This is where you make it as easy as possible for the ATO. Using the above information, clearly explain how your specific bullion product satisfies the criteria of PRECIOUS METALS. Provide links to the specific sections, address each section in bullet points or paragraphs, for example

According to GSTR 2003/10 these goods satisfy the following requirements to be defined as PRECIOUS METALS
http://law.ato.gov.au/atolaw/view.htm?d … /ATO/00001
Paragraphs
7-9 – as an individual I fall under Sect 40-100 of the GST ACT
10-11 - the metal is silver (or gold or platinum - silver is used in this example)
12 - these are not proof coins and price is determined by the spot price
13 - these are not coins of numismatic value, price determined from the spot price of silver
14-21 - as above, I am not a dealer and therefore fall under Sect 40-100. The coins are bullion coins for the purpose of investment
22 - these are bullion coins
23 - the coins carry all the required markings describing purity and weight and silver content.
-24 - there are no bars, they are all bullion coins and bear the marks required in paragraph 23
25 - there is no jewellery, just bullion coins
26 - these are not collector coins, price solely determined from spot price
27 - these are not numismatic coins
28 - price is determined from the spot price of silver
29 - as above
30 - the silver is investment form only
31 - price of each coin determined from the spot price of silver
32 - N/A as 38-385 is for dealers in precious metals, My purchases fall under Sect 40-100 and classify as INPUT TAXED SUPPLY
33 - there are no granules in the purchases
34-36 - there are no bars or wafers in the purchases
37 - these are bullion coins
38 - a) coin price determined via reference to spot
- b) the coins are freely available and have been for over a year, in total my purchases consist of 200 coins. Coins are sold via the website to the general public
- c) these are bullion coins.
39 - these are not proof coins as the price is determined by reference to the spot price of silver
40 - these are not numismatic or collector coins
41 - these coins are bullion coins and bear the marks required in paragraph 23 and are of the relevant fineness and therefore should qualify as precious metals for GST purposes
42 - these coins are not commemorative coins, their price is determined solely on its metal content
43-44 - these are not proof coins as their price is determined by reference to the spot price
45-47 - there are no other factors that determine the price of the coins. They were purchased at a price close to, and based on, the spot price

Customs' documentation regarding 'GST Act Section 40-100 Precious Metals' clearly states that the GST exemption code LPM is applicable in this case
http://www.customs.gov.au/site/page5350.asp#e946



CHECKLIST

complete the checklist, tick YES for 13 Are you seriously considering the scheme or arrangement? and 14 Are you reasonably certain of the facts you set out?

complete the declaration, then print out the form and sign it. You can then either post or fax it or deliver in person to the ATO. I just took mine in to an ATO office in person and i received a receipt that it had been lodged.


THAT'S ALL THERE IS TO IT, I HOPE THIS HELPS.

REMEMBER, PREVENTION IS BETTER THAN CURE, BOYCOTT FEDEX WHENEVER POSSIBLE AND ONLY HAVE SHIPMENTS SENT BY UPS (THE PRIVATE COURIER COMPANY, NOT USPS THE UNITED STATES POSTAL SERVICE) AND YOU SHOULD AVOID THIS UNNECESSARY WASTE OF EVERYBODY'S TIME AND MONEY

CHEERS,
BH

Last edited by Blockhead (2011-06-30 11:54:43)


126 cartons of red wine and maybe a bottle tonight.

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#2 2011-06-30 11:59:24

Blockhead
Member
From: BrisBanal
Registered: 2010-08-03
Posts: 1,744
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

i figure if it's passable quality maybe GP can just sticky it, then it'll be easy to find. I'm sure a lot more people will take a look at it in the morning.


126 cartons of red wine and maybe a bottle tonight.

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#3 2011-06-30 16:10:08

Captain Kookaburra
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From: Melbourne
Registered: 2010-04-15
Posts: 4,668
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

Excellent work there. Thanks.


Metal or Nothing ...... Fiats belong in garages, not money paper clips.

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#4 2011-06-30 16:25:19

rbaggio
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From: Australia
Registered: 2010-08-05
Posts: 4,483

Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

+1 great work.

I know of 1 member here who imported from APMEX, some bullion coins were slabbed/graded and some were in capsules.  The slabbed/graded coins, even though they were traded for bullion prices on APMEX (high mintage gold pandas) were pinged for GST on entry to Australia.

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#5 2011-06-30 17:51:15

Auspm
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

+1 for sticky

#6 2011-06-30 18:24:49

Bullion Baron
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From: Adelaide
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

Great post. I will just continue to avoid importing any more than $1000 worth, but can see this information being very handy for others.

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#7 2011-06-30 18:42:56

Maggie
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

Thanks a million- You're THE man!

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#8 2011-06-30 18:51:31

hiho
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From: South Brisbane
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

BLOCKHEAD

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#9 2011-06-30 21:54:57

Blockhead
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From: BrisBanal
Registered: 2010-08-03
Posts: 1,744
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

rbaggio wrote:

+1 great work.

I know of 1 member here who imported from APMEX, some bullion coins were slabbed/graded and some were in capsules.  The slabbed/graded coins, even though they were traded for bullion prices on APMEX (high mintage gold pandas) were pinged for GST on entry to Australia.


See that's still pretty ambiguous, i would have thought the slabbed coins would only be taxed IF the total valule of them exceeded $1000. If they're slabbed, you're out of luck because "it must have the character of the metal gold, silver or platinum and not the character of items, such as jewellery and numismatic coins, made from those metals." Even though they are sold as bullion, you're going to have a hard time convincing a broker or tax agent if they're graded and slabbed. Only option is to remove the slab and ship them as raw coins.


126 cartons of red wine and maybe a bottle tonight.

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#10 2011-06-30 21:56:52

Blockhead
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From: BrisBanal
Registered: 2010-08-03
Posts: 1,744
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

^ ahh, gold pandas, yeah, you're gonna exceed $1000 value pretty quickly.


126 cartons of red wine and maybe a bottle tonight.

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#11 2011-07-01 05:26:02

bron suchecki
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From: Perth, Western Australia
Registered: 2009-07-09
Posts: 1,311
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

Very good. Just to be picky. Quote "the first supply of precious metals after its refining by the refiner, or on behalf of the supplier will only be GST-free if the recipient of the supply is a dealer in precious metals"

Emphasis on "first supply" and "after its refining". A dealer in precious metals importing coins is not first supply after refining, so not GST-free. Any import of finished coins/bars by a dealer will be Input Taxed status.


Disclosure: I work for the Perth Mint. What I say is done in a personal capacity and is not endorsed by the Mint.

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#12 2011-07-01 05:30:43

Big A.D.
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From: Sydney
Registered: 2009-10-29
Posts: 6,331
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

Blockhead wrote:
rbaggio wrote:

+1 great work.

I know of 1 member here who imported from APMEX, some bullion coins were slabbed/graded and some were in capsules.  The slabbed/graded coins, even though they were traded for bullion prices on APMEX (high mintage gold pandas) were pinged for GST on entry to Australia.


See that's still pretty ambiguous, i would have thought the slabbed coins would only be taxed IF the total valule of them exceeded $1000. If they're slabbed, you're out of luck because "it must have the character of the metal gold, silver or platinum and not the character of items, such as jewellery and numismatic coins, made from those metals." Even though they are sold as bullion, you're going to have a hard time convincing a broker or tax agent if they're graded and slabbed. Only option is to remove the slab and ship them as raw coins.

That plastic thing? That's just protective packaging to stop them being damaged. The label just confirms that the coin inside is bullion.


I am the Leafy Sea Dragon.

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#13 2011-07-01 05:34:15

Blockhead
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From: BrisBanal
Registered: 2010-08-03
Posts: 1,744
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

That's a very good point, as long as you can demonstrate pricing per spot you could probably get that approved.


126 cartons of red wine and maybe a bottle tonight.

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#14 2011-07-10 05:24:03

Yippe-Ki-Ya
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

hobo-jo wrote:

Great post. I will just continue to avoid importing any more than $1000 worth, but can see this information being very handy for others.

hey Hobo

Just a quick question - if you import under $1000 worth of PM. are you still screwed for the $66 "admin" fee or "clearance" fee or whatever BS name they have for it?
I recently imported over $1000 worth via UPS and had no problems, but had to pay this $66 BS fee...

was just wondering if it was also payable on purchases < $1000 ?


mmm....shiney! wrote: House prices are the leading indicator of what???????????

Yippe-Ki-Ya wrote: gubmint meddling  lol

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#15 2011-07-10 05:24:38

Yippe-Ki-Ya
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

BLOCKHEAD is THE GAME!! wink


mmm....shiney! wrote: House prices are the leading indicator of what???????????

Yippe-Ki-Ya wrote: gubmint meddling  lol

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#16 2011-07-10 05:27:36

Bullion Baron
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

I haven't paid any fees when importing under $1000 worth.

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#17 2011-07-10 05:38:47

Maggie
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

So log as import $990.00 your safe from entry fee.

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#18 2011-07-16 00:06:03

zachary898
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From: Brisbane
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

Nice work, Thanks m888


" I wouldn't sell your gym back for all of king Midas silver " - White Goodman - Dodge Ball

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#19 2011-10-18 08:41:47

LvM
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

Recently received a shipment of over $1000 of bullion delivered by FedEx.

Once the package arrived at Customs they emailed me a declaration to sign and fax back and once this was done they did not require any payment of GST.

It looks like they have finally sorted things out. Everything went smoothly and service was excellent. There was the approx. $52 clearance fee though.


"Run for your life from any man who tells you that money is evil. That sentence is the leper's bell of an approaching looter."

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#20 2011-11-01 23:56:22

undftd
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

I am in the final stages of getting gst back. Thank you blockhead. Really did come in handy when getting private ruling. Saved me a lot of time and anger.

Next stackers meet, make sure you introduce yourself to me, ill shout you a beer.


Anyone with experience with buying units - beer/food for advice

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#21 2011-12-06 16:39:56

notanother
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

I must be missing something here?  There is plenty of gold in Australia, no gst attached to it if bought for cash from a local coin shop. 

There is also NO record with the government, the shipper, the shippers dispatcher, the hundred odd people along the path of travel that may see it and your name and address, nor a record in the mind of the delivery drivers, and their brothers, and uncles, and mates.

Perhaps I'm being paranoid, but I believe in the power of negative thinking.  It's helped keep me out of the stock market for half a decade now.

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#22 2011-12-06 16:45:11

spannermonkey
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

notanother wrote:

I must be missing something here?  There is plenty of gold in Australia, no gst attached to it if bought for cash from a local coin shop. 

There is also NO record with the government, the shipper, the shippers dispatcher, the hundred odd people along the path of travel that may see it and your name and address, nor a record in the mind of the delivery drivers, and their brothers, and uncles, and mates.

Perhaps I'm being paranoid, but I believe in the power of negative thinking.  It's helped keep me out of the stock market for half a decade now.

I agree ,I just shop locally with no paperwork
But that's the advantage I have being in Melbourne big_smile


EXIT STAGE LEFT

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#23 2011-12-06 16:52:44

Lunardragon
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From: Land of Nineth Dragon
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

Span,
Is melb better place buying PM than sydney?
I do travel to vic occassionally.


An Opportunity comes only once. Grab it while you can!

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#24 2011-12-06 16:57:14

spannermonkey
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

Ksetiady wrote:

Span,
Is melb better place buying PM than sydney?
I do travel to vic occassionally.

For me it is ,I know all the dealers in town & purchase from all of them smile
It pays to be nice to them .there's three Melbourne sponsers who get all my $ ,hint hint big_smile


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#25 2011-12-06 18:34:54

notanother
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From: SE Qld
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Re: INSTRUCTIONS TO APPLY FOR A PRIVATE GST RULING FROM THE ATO

spannermonkey wrote:

I agree ,I just shop locally with no paperwork
But that's the advantage I have being in Melbourne big_smile

I took a friend in once for their first purchase spanner and after the money and coins were exchanged they asked for a receipt.  The dealer just stared at my friend and in the pregnant pause that followed I pointed to the gold coins and said "That is your receipt "

I have read a lot of warnings about confiscation around the traps, usually the American variety of course.  But here in Australia it was also forbidden to hold or sell gold bullion between the 1930's and 70's.  This could well surface again as the legislation is still in place apparently.
http://goldchat.blogspot.com/2008/11/au … ation.html

There is always loopholes for astute holders though, secrecy and obfuscation being the necessary tools.   There will always be buyers, even if you have to melt it down and form it into wedding bands.  That would be Plan (g).  Plan (c) would be exchanging it with Asian shopkeepers for your grocery account or other needed goods.  Plan (z), leaving it for your kids.  Lets hope we never get to plan (z) lol

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