Private ruling: GST and importation of precious metal
Date of advice: 7 May 2021
Published: July 2021
Ruling period: Period ending XX May 20XX
Date scheme commenced: XX March 20XX

Ruling: Q1: Is your importation of the 20XX County X oz precious metal a non-taxable importation under subsection 13-10(b) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act)? | A1: Yes. The precious metal you are importing are precious metal for GST purposes. Relevant in your case, a supply of precious metal is input taxed under section 40-100 of the GST Act. Section 40-100 of the GST Act contains no further requirements apart from the supply being a supply of precious metal. Accordingly, the supply of these silver precious metal is an input taxed supply of precious metals. The supply of the 99.99% fineness silver precious metal that you are importing into Australia would be an input taxed supply had that been a supply made in Australia. As a result, your importation of these 99.99% silver precious metal into Australia is a non-taxable importation under subsection 13-10(b) of the GST Act and no GST is payable on your importation.

Relevant facts and circumstances: You have bought some precious metal and are importing these precious metals into Australia. The precious metal you purchased are the "20XX County X oz precious metal".

Relevant legislative provisions: A New Tax System (Goods and Services Tax) Act 1999 Subsection 13-10(b); | A New Tax System (Goods and Services Tax) Act 1999 Section 38-385; | A New Tax System (Goods and Services Tax) Act 1999 Section 40-100; | A New Tax System (Goods and Services Tax) Act 1999 Section 195-1.