Do I Pay GST On Precious Metals in Australia?

In short, yes you do pay GST on gold purchases in Australia. The Goods and Services Tax (GST) is 10% on all goods and services sold in Australia, including precious metals like gold. As the leading gold bullion dealer in Brisbane, Gold Secure is well-versed in Australia’s GST laws as they relate to precious metals. 

In this article, we will explore the ins and outs of paying GST on gold and other precious metals in Australia, including guidance on how GST impacts your purchases of gold, silver, platinum and palladium bullion.

What is GST on gold in Australia?

The Goods and Services Tax, commonly referred to as GST, is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. When applied to precious metals like gold and silver, GST is collected by the precious metals retailer and remitted to the Australian Taxation Office (ATO). 

Essentially, whether you purchase gold or silver bullion from Gold Secure in-store or online, an additional 10% GST amount will be added to the transaction total at checkout. This ensures the correct GST is paid in compliance with Australian tax laws.

GST on Precious Metals in Australia 

When making purchases of various precious metals from Gold Secure, it’s important to understand how the Goods and Services Tax or GST applies differently depending on the metal. The primary precious metals Gold Secure regularly deals in – gold, silver, platinum and palladium – each have a distinct GST rate customers need to be aware of.

GST on Gold

For gold bullion like bars and coins, a 10% GST is applied to the total purchase price, regardless of weight in ounces or kilograms. No matter what type of gold is purchased from Gold Secure, one-tenth of the cost goes towards the GST component.

GST on Silver

Unlike gold, silver bullion has a lower 5% GST rate applied at checkout. Whether you’re purchasing investment-grade silver bars or investment coins, only a 5% GST amount is added to the transaction total.

GST on Platinum & Palladium

For precious platinum and palladium metals, an even higher GST rate of 10% applies. Purchasing platinum or palladium bars and coins from Gold Secure means the full 10% GST component is added like it is for gold purchases.

Final Words

In conclusion, being aware of how GST is applied to purchases of precious metals from a reputable dealer like Gold Secure is an important part of understanding your total investment costs. Whether acquiring gold, silver, platinum or palladium, knowing that either a 5%, 10% or 10% GST rate will be added provides transparency and clarity for customers. 

Gold Secure handles collecting and remitting the correct GST amounts to the government on behalf of buyers. Ultimately, investing in precious metals can be an attractive option but understanding all costs involved upfront, including GST, ensures you are making the most informed purchasing decisions for your financial goals.