A New Tax System (Indirect Tax and Consequential Amendments) Act (No. 2) 1999 (177 of 1999)

Schedule 1   Indirect Tax Acts

Part 1   Amendment of the A New Tax System (Goods and Services Tax) Act 1999

48   Section 38-385

Repeal the section, substitute:

38-385 Supplies of precious metals

A supply of *precious metal is GST-free if:

(a) it is the first supply of that precious metal after its refining by, or on behalf of, the supplier; and

(b) the entity that refined the precious metal is a *refiner of precious metal; and

(c) the *recipient of the supply is a *dealer in precious metal.

Note: Any other supply of precious metal is input taxed under section 40-100.