Original article by Robert Gottliebsen
The Australian – Page: 19 : 12-Jan-17

Under the Howard government’s tax reforms, Australian gold refiners were required to pay GST on gold that is not of investment grade, although investment-grade gold in bars did not attract GST. Refiners warned the Australian Taxation Office that the system was subject to widespread fraud, which is estimated to have cost taxpayers around $A600m. The ATO targeted gold refiners, believing that they were involved in the massive tax fraud, and its actions threatened the nation’s entire refining industry. The ATO subsequently backed down in late 2016 and agreed to measures first proposed by gold refiners some three years earlier. They will now be permitted to buy high-purity gold that is not marked as being of investment grade without attracting GST.

CORPORATES
AUSTRALIAN TAXATION OFFICE, FOCUS MINERALS LIMITED – ASX FML, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIA. OFFICE OF THE INSPECTOR-GENERAL OF TAXATION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY