VM 2018/1

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AUSTRALIAN GOVERNMENT

A New Tax System (Goods and Services Tax) Act 1999

I, Timothy Dyce, Deputy Commissioner of Taxation, make this determination under subsection 86-10(3) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act).

1. Name of instrument

This instrument is the Goods and Services Tax: Valuable Metals Market Value Determination 2018.

2. Commencement

This instrument is taken to have commenced on the day after it is registered on the Federal Register of Legislation.

3. Application (Which entities are covered by this instrument)

This instrument applies to an entity required to establish the market value of valuable metal contained in a good for the purposes of the valuable metal threshold.

4. Determination

You determine the market value of the valuable metal contained in a good using the following formula on the date of the supply:

(Weight of valuable metal) * (spot price of the valuable metal on that date)


where:

Weight of valuable metal is the weight in troy ounces of the valuable metal in the good

Spot price of the valuable metal on the date of the supply is whichever of the following you choose:

a.

one of the published rates for that date provided by an Australian entity recognised as a member of the London Bullion Market,

b.

one of the published Australian rates for that date reported by the London Bullion Market Authority (LBMA), or

c.

one of the published Australian rates for that date provided by a commercially recognised authoritative provider of spot price data.

You must use your chosen spot price consistently when determining the market value of the valuable metal for the purposes of the valuable metal threshold.

Definitions

The expressions in this instrument have the same meaning as in the GST Act.

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21 December 2017

Timothy Dyce
Deputy Commissioner of Taxation

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Registration Number: F2018L00091

Registration Date:

Related Explanatory Statements:

VM 2018/1 - Explanatory statement

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