{"id":"F2018L00091","name":"Goods and Services Tax: Valuable Metals Market Value Determination 2018","slug":"goods-and-services-tax-valuable-metals-market-value-determination-2018","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":96727,"registerId":"commonwealth-F2018L00091-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1. Name of instrument","sectionType":"part","heading":"1. Name of instrument","content":"## 1. Name of instrument\n\nThis instrument is the Goods and Services Tax: Valuable Metals Market Value Determination 2018.","sortOrder":0},{"sectionNumber":"2. Commencement","sectionType":"part","heading":"2. Commencement","content":"## 2. Commencement\n\nThis instrument is taken to have commenced on the day after it is registered on the Federal Register of Legislation.","sortOrder":1},{"sectionNumber":"3. Application (Which entities are cover","sectionType":"part","heading":"3. Application (Which entities are covered by this instrument)","content":"## 3. Application (Which entities are covered by this instrument)\n\nThis instrument applies to an entity required to establish the market value of valuable metal contained in a good for the purposes of the valuable metal threshold.","sortOrder":2},{"sectionNumber":"4. Determination","sectionType":"part","heading":"4. Determination","content":"## 4. Determination\n\nYou determine the market value of the valuable metal contained in a good using the following formula on the date of the supply:\n\n(Weight of valuable metal) x (spot price of the valuable metal on that date)\n\nwhere:\n\nWeight of valuable metal is the weight in troy ounces of the valuable metal in the good\n\nSpot price of the valuable metal on the date of the supply is whichever of the following you choose:\n\n    one of the published rates for that date provided by an Australian entity recognised as a member of the London Bullion Market,\n    one of the published Australian rates for that date reported by the London Bullion Market Authority (LBMA), or\n    one of the published Australian rates for that date provided by a commercially recognised authoritative provider of spot price data.\n\nYou must use your chosen spot price consistently when determining the market value of the valuable metal for the purposes of the valuable metal threshold.","sortOrder":3},{"sectionNumber":"5. Definitions","sectionType":"part","heading":"5. Definitions","content":"## 5. Definitions\n\nThe expressions in this instrument have the same meaning as in the GST Act.","sortOrder":4}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument narrowly defines the method for determining market value for the valuable-metal threshold and applies to entities required to make that determination (s.3). The text contains no indication that the instrument expands or narrows scope beyond that purpose."},"complexity_factors":["Simple arithmetic formula (weight × spot price) reduces legal complexity (s.4)","Requires use of troy ounces as the unit of weight, creating a conversion requirement for some suppliers (s.4)","Permits choice among multiple spot-price sources, introducing discretion and record-keeping obligations (s.4)","Dependence on external market data providers (LBMA, Australian members, commercial providers) creates operational reliance (s.4)","Definitions and some terms are referenced to the GST Act, requiring cross-reference for full interpretation (s.5)","Commencement timing is immediate (day after registration), giving little lead time for implementation (s.2)"],"plain_english_summary":"This instrument prescribes how to calculate the market value of valuable metal in a good for the GST valuable-metal threshold. It applies to any entity required to establish that market value (s.3) and commenced the day after registration (s.2).\n\nMarket value is weight in troy ounces multiplied by a spot price on the supply date. You may choose among specified spot-price sources (LBMA/Australian market members or recognised commercial providers) and must use that source consistently; entities therefore bear the compliance task and have discretion in choosing the price source (s.4)."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow purpose: providing a specific calculation method for market value of valuable metals for GST threshold purposes. No expansion beyond this technical valuation function."},"complexity_factors":["Single formula with two variables (weight × spot price)","Only 3 defined sources for spot price data","Minimal cross-referencing (only refers back to GST Act for definitions)","No nested conditions or exceptions","Very short instrument (5 sections, approximately 200 words)","Single consistency requirement (must use chosen source consistently)"],"plain_english_summary":"A tax rule for businesses that sets a clear method to value precious metals in goods for GST: multiply the metal’s weight in troy ounces by the spot price on the day of sale. The spot price must come from an approved market source or recognised data provider, and businesses must use their chosen source consistently. It primarily affects jewellers, bullion dealers and manufacturers whose products’ metal content can push GST treatment over a threshold."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/goods-and-services-tax-valuable-metals-market-value-determination-2018","history":"/api/acts/goods-and-services-tax-valuable-metals-market-value-determination-2018/history","analysis":"/api/acts/goods-and-services-tax-valuable-metals-market-value-determination-2018/analysis","conflicts":"/api/acts/goods-and-services-tax-valuable-metals-market-value-determination-2018/conflicts","importantCases":"/api/acts/goods-and-services-tax-valuable-metals-market-value-determination-2018/important-cases","documents":"/api/acts/goods-and-services-tax-valuable-metals-market-value-determination-2018/documents"}}