| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051835547715
Date of advice: 7 May 2021
Ruling
Subject: GST and importation of precious metal
Question
Is your importation of the 20XX County X oz precious metal a non-taxable importation under subsection 13-10(b) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act)?
Answer
Yes.
The precious metal you are importing are precious metal for GST purposes.
Relevant in your case, a supply of precious metal is input taxed under section 40-100 of the GST Act. Section 40-100 of the GST Act contains no further requirements apart from the supply being a supply of precious metal. Accordingly, the supply of these silver precious metal is an input taxed supply of precious metals.
The supply of the 99.99% fineness silver precious metal that you are importing into Australia would be an input taxed supply had that been a supply made in Australia. As a result, your importation of these 99.99% silver precious metal into Australia is a non-taxable importation under subsection 13-10(b) of the GST Act and no GST is payable on your importation.
This ruling applies for the following period:
Period ending XX May 20XX
The scheme commences on:
XX March 20XX
Relevant facts and circumstances
You have bought some precious metal and are importing these precious metals into Australia.
The precious metal you purchased are the "20XX County X oz precious metal".
Relevant legislative provisions
A New Tax System (Goods and Services Tax) Act 1999 Subsection 13-10(b);
A New Tax System (Goods and Services Tax) Act 1999 Section 38-385;
A New Tax System (Goods and Services Tax) Act 1999 Section 40-100;
A New Tax System (Goods and Services Tax) Act 1999 Section 195-1.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
