Hi, I’m hoping to import over $1000 worth of goldbacks, which include 99.99 gold, from America.
Would I be charged GST or any other fees to import these?
Thank you
Hi, I’m hoping to import over $1000 worth of goldbacks, which include 99.99 gold, from America.
Would I be charged GST or any other fees to import these?
Thank you
Hi @Goldbacks2Oz,
GST may apply to your goldbacks depending on how they're classified and the circumstances of your import. The GST treatment will depend on whether the goldbacks are treated as low value imported goods, investment precious metal, or something else.
For low value imported goods (valued at A$1,000 or less), GST applies if the overseas supplier is registered for Australian GST and helps to bring the goods to Australia. In this case, the supplier would charge you GST at the point of sale. The customs value is the price you pay minus any freight and insurance costs from the place of export.
However, if the goldbacks are not treated as low value imported goods or the supplier isn't registered for Australian GST, GST will be charged at the border when you import them. This applies to goods with a customs value over A$1,000, and you (as the importer) would pay the GST, along with any customs duty and clearance charges.
The classification of goldbacks for GST purposes is complex because they contain precious metal but may also function as currency or collectables. Different GST rules apply to investment precious metal compared to other goods.
You'll need to check with the Australian Border Force to determine the correct classification of goldbacks and whether GST will be charged at the border or by the supplier.
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