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Australia Tackling Precious Metals GST Fraud

by Mary Swire, Tax-News.com, Hong Kong

14 October 2016


Australia's Serious Financial Crime Taskforce has released its first Intelligence Bulletin, which focuses on attempts to tackle those exploiting the goods and services tax rules for precious metals.

According to the report, the Taskforce is "seeing sophisticated arrangements that attempt to obscure transactions of recycled 'investment form' precious metals."

"We believe there are groups or networks of industry participants, including refiners, bullion dealers, gold kiosks, dealers, and buyers within established supply chains involved in gold recycling (or carousel type) arrangements, seeking to exploit the GST rules in relation to precious metals. These artificial arrangements are established to obtain a benefit from the tax system of which there is no entitlement and are tax crimes," the Bulletin explained.

"Data matching and analytics mean that perpetrators of carousel type arrangements will be identified and dealt with using the full force of the law," it added.

The SFCT was launched in July 2015. It is led by the Australian Federal Police and includes representatives from the Australian Taxation Office (ATO), the Australian Crime Commission, the Australian Transaction Reports and Analysis Centre, the Australian Securities and Investments Commission, the Commonwealth Director of Public Prosecutions, and the Australian Border Force.

TAGS: compliance | tax | tax compliance | tax avoidance | revenue guidance | VAT cross-border transactions | law | Australia | enforcement | tax authority | services | VAT compliance matters

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