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Do You Pay GST on Precious Metals?

15 March 2018

Do You Pay GST On Precious Metals
When purchasing investment grade gold and silver bullion, there is no GST, but the definitions of ‘investment grade’ for precious metals are very specific. Here are the standards:
  • Gold must be 99.5% pure or greater.
  • Silver must be 99.9% pure.
  • Platinum must be 99% pure.

According to the ATO, “No regulations have been made to specify any other substance. To be precious metal for GST purposes, the metal must therefore be gold, silver or platinum.” By this definition, you may be required to pay GST on palladium products.
  • To be considered investment grade bullion, the precious metal product must be tradeable on the international bullion market as a bar, coin, tablet or wafer.
  • The product must be stamped with a manufacturer’s mark to guarantee its purity and quality.

ABC Bullion is the Australian market leader in producing physical precious metal products that are exempt from GST. This includes our physical cast bar range, which is marked with our ABC Bullion logo, and produced at our very own LBMA accredited ABC Refinery.


Is there tax on selling gold in Australia?

You may be required to pay capital gains tax if your investment grade bullion has a greater value at the time of sale compared to the value at the time of purchase. However, sales of investment grade bullion do not attract GST.


Is there GST on numismatic and collectible coins?

To be exempt from GST, precious metal items “must have the character of the metal rather than the character of a thing made from the metal,” according to the ATO. The vast majority of  bullion coins and tablets traded by ABC Bullion are exempt from GST, because they are investment grade bullion. However, numismatic coins purchased online or from a collectible coin dealer may attract GST depending on the coin.
 

Is there GST on gold jewellery?

Yes, jewellery usually attracts GST.

For further information, please refer to the original precious metals ruling from the ATO.