[1091] What is "precious metal" for the purposes of GST?

Australasian Business Intelligence, July, 2003

Jul 29, 2003 (Weekly Tax Bulletin - ABIX via COMTEX)

The Australian Taxation Office issued Draft GSTR 2003/D1 on 18 June 2003. The goods and services tax (GST) Ruling centres on the definition of "precious metal" with regard to sections 38-385 and 40-100 of the GST Act. Precious metal is subject to an input tax under the Act. The first supply of the metal after refinement does not attract the GST. The Ruling explains that if the price at which a precious metal item is traded is derived in relation to the metal's "prevailing spot price", then the item has retained its character as a metal. The Ruling sets out conditions for gold, silver and platinum "in an investment form".

Publication Date: 20 June 2003

AUSTRALIAN TAXATION OFFICE 

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