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 metals 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.