Purchasing gold proof coins direct from royalmint from Australia with >1kAUD value?

[Doomgold]

Hi

As the topic suggests, has anyone previously bought gold proof coins >1000AUD direct from the RoyalMint website and what sort of import charges/GST did you have to pay? As I'm interested in perhaps picking up one of the Spitfire gold proofs

 

Thanks

DG

[caloundracats]

Hi,

I did a quick google search for you and found this link which explains GST and import duty. Basically, if the coins are investment grade, then no GST or import duty are payable.

    Gold bars or coins 0.995 or more fine and silver bars or coins 0.999 or more fine are deemed to be ‘investment grade’ and are exempt from GST. 

http://preciousmetaltax.com/australia-taxation-of-gold-and-silver/

Hope this helps.

 

[Doomgold]

Thanks for the help but that exemption only applies to bullion coins not proof quality. 

Was just hoping someone has bought direct from royal mint before from Australia to explain their experience on import duties. Thanks in advance 

[caloundracats]

Have you thought of buying the proof through The Royal Mint's official distributor: Might save you a lot of hassle.

https://www.royalmint.com/corporate/official-distributors/   Downies in Vic.

 Otherwise check out the ATO website below, might need to update it as a bit old now. 

See point No. 39

http://law.ato.gov.au/atolaw/print.htm?DocID=GST%2FGSTR200310%2FNAT%2FATO%2F00001

[Doomgold]

I have. the official distributor slaps on an additional 200aud to the coin even above the potential import duties and taxes. Lol ,so even if I do have to pay both, it's still cheaper to buy direct from royal mint 

[CoinStruck]

Hello, I have purchased sovereigns and one queens beast direct from the Royal Mint. As they were under A$1,000 there was no GST.

Unfortunately this all changes from 1 July 2018 whereby all imports are subject to GST. See the photo below from the ATO site. 

As for amounts over A$1,000 I made a purchase from APMEX in the US a few months ago that was over the threshold. I was contacted by the courier company and paid the GST through them. 

Sorry I am not sure how it works right now with the Royal Mint. 

Kevin

[CoinStruck]

Sorry in addition the Royal Mint ships through the UK Royal Mail system and when it arrives into Australia it goes through customs and Australia Post. Do Australia Post might contact you to collect any applicable GST. 

[Doomgold]

Thank you Kevin  that's very helpful.  Yes, when I've purchase coins in the past I'd usually keep the value under the 1k. But unavoidable for this coin unfortunately. And yes there are some big changes coming..