Queensland

Buying from Queensland

Due to the large sums involved in gold and silver buying investment bullion from gold dealers in Queensland should be undertaken with care, and due diligence, especially when buying from a new dealer for the first time.

Investigate the dealer’s reputation online if possible, by reading reviews either here at Bullion.Directory or on other general business review websites, such as Choice.com.au. Examine consumer protection advice at Queensland Office of Fair Trading and review listings or request advice from the Queensland Chamber of Commerce and Industry – you may be surprised at what you learn. The Australian Securities and Investments Commission can also be a useful source of information when investigating your selected gold dealer.

Finally, after you’ve completed your purchase please add to our Queensland gold dealer reviews, by rating and reviewing your chosen company above – this will help future investors best select a local gold dealer best suited to their needs.

Are Bullion Sales Taxed in Queensland?

Most investment-grade precious metal bullion in Australia is exempt from GST provided the precious metals are refined to a minimum purity of 99.50% for gold, 99.9% for silver and 99% purity for platinum.

Full details of precious metals in relation to GST can be found in the Goods and Services Tax Ruling GSTR 2003/10 – also available as a pdf.

Note that palladium products ARE subject to GST because the ruling states “No regulations have been made to specify any other substance. To be precious metal for GST purposes, the metal must therefore be gold, silver or platinum”.

Numismatic coins are not exempt from GST as they are valued on factors other than the precious metals content.

For bullion and coins that fall outside of these purities or for numismatic coins, GST is payable at 10% – currently there is no local GST in Queensland.

Investment grade bullion bars and coins are liable to Capital Gains Tax within Queensland as they are across Australia, with a 50% reduction on the prevailing rate for bullion that has been held for a year or longer.