Jump to content
  • The above Banner is a Sponsored Banner.

    Upgrade to Premium Membership to remove this Banner & All Google Ads. For full list of Premium Member benefits Click HERE.

  • Join The Silver Forum

    The Silver Forum is one of the largest and best loved silver and gold precious metals forums in the world, established since 2014. Join today for FREE! Browse the sponsor's topics (hidden to guests) for special deals and offers, check out the bargains in the members trade section and join in with our community reacting and commenting on topic posts. If you have any questions whatsoever about precious metals collecting and investing please join and start a topic and we will be here to help with our knowledge :) happy stacking/collecting. 20,000+ forum members and 900,000+ forum posts. For the latest up to date stats please see the stats in the right sidebar when browsing from desktop. 

Perth Bullion Company Liquidated


Recommended Posts

I’ve noticed the Perth Bullion Company selling original Perth Mint capsules has gone into liquidation. The Australian government probably wound them up because they are not affiliated to the official Perth Mint who don’t sell the capsules. The Australian government’s position is understandable because you can see how counterfeiters can easily acquire the original capsules and pass their fake Kookaburras off as genuine.

https://www.perthbullion.com/

Link to comment
Share on other sites

A sad day indeed, Perth Bullion Company was a well loved dealer with good selection and affordable shipping rates. The issue seems to be with GST (VAT) legislation here.

Proof and collectors coins, regardless of their metal purity attract GST. In addition all bullion grade below 99.5% for gold and 99.9% for silver attract GST (meaning e.g., sovereigns are subject to 10% GST in Australia). The current working assumption (as the facts are still being gathered) is that the dealer was issued an order by the tax authority to remit GST on coins that should have been GST free per the ATO guideline. It appears as the tax authority has interpreted their own guideline so that any bullion sold for spot price + 10% is now subject to GST. https://www.ato.gov.au/law/view/document?DocID=GST/GSTR200310/NAT/ATO/00001

It is an unfolding situation, with potentially very interesting repercussions to the entire bullion industry in Australia. Save a thought for anyone with allocated and unallocated bullion holdings with this dealer.  

https://www.rsm.global/australia/sites/default/files/media/circular_dated_11_july_2019.pdf

Edit: I think it should be added that the current understanding is that this was no fault of Perth Bullion. It is not well understood how the law and tax guideline could be interpreted one way for a small bullion dealer such as PB, and then applied differently for some other (possibly larger operator, with sufficient funds to afford legal counsel).

pb.png

The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary. - H.L. Mencken

Link to comment
Share on other sites

Yikes! I had no idea :(

PBC was one of the only dealers I knew of in Australia with such a varied selection of coins and a functioning, up-to-date website.

I can’t think of any other Australian dealer with an equivalent online presence.

So sad 😞 

Link to comment
Share on other sites

If this is another shot against counterfeiters, we might see Perth Mint move to metric. 🤔 
If the pressure behind it is coming from China and its growing coin collectors. since i think they changed to metric to combat fakes & protect its people from dodgy sellers exploiting misunderstandings in the ounce weight. 
And we sure do have a lot of Chinese here ripe for scamming (if one was so inclined). 
  

1 hour ago, jultorsk said:

Save a thought for anyone with allocated and unallocated bullion holdings with this dealer.  

If you are an Aus resident i think its a bit foolish to use anyone other then the government backed Perth mint for bullion holdings.

Link to comment
Share on other sites

If this is another shot against counterfeiters, we might see Perth Mint move to metric. 🤔 
If the pressure behind it is coming from China and its growing coin collectors. since i think they changed to metric to combat fakes & protect its people from dodgy sellers exploiting misunderstandings in the ounce weight. 
And we sure do have a lot of Chinese here ripe for scamming (if one was so inclined). 
  

1 hour ago, jultorsk said:

Save a thought for anyone with allocated and unallocated bullion holdings with this dealer.  

If you are an Aus resident i think its a bit foolish to use anyone other then the government backed Perth mint for bullion holdings.

Link to comment
Share on other sites

The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary. - H.L. Mencken

Link to comment
Share on other sites

They still have a few bits on ebay ,although a lot of the more expensive stuff they had on ebay states "this listing has ended".

The problem with common sense is, its not that common.

 

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...

Cookies & terms of service

We have placed cookies on your device to help make this website better. By continuing to use this site you consent to the use of cookies and to our Privacy Policy & Terms of Use