86‑5 “Reverse charge” on supplies of goo86‑5 “Reverse charge” on supplies of goods consisting of valuable metal

86‑5 “Reverse charge” on supplies of goods consisting of valuable metal

(1) The GST on a *taxable supply of goods is payable by the *recipient of the supply, and is not payable by the supplier, if: (a) the goods consist wholly or partly of *valuable metal; and (b) the recipient is *registered or *required to be registered; and (c) either: (i) at the time of the supply, the market value of the goods does not exceed the *valuable metal threshold; or (ii) the supplier and the recipient agree, in writing, that the GST on the supply be payable by the recipient. (2) Subsection (1) does not apply to a *taxable supply of goods if the supply is in a class of supplies determined under subsection (3). Determination (3) For the purposes of subsection (2), the Commissioner may, by legislative instrument, determine that subsection (1) does not apply to a specified class of supplies. (4) In making a determination under subsection (3), the Commissioner may have regard to the following: (a) the likelihood that *recipients and suppliers of that class of supply will otherwise comply with their obligations under the *GST law, and the risk of GST not being paid on *taxable supplies in that class if recipients do not pay the GST; (b) the costs for recipients and suppliers of that class of supplies to comply with subsection (1); (c) any other relevant matters. Effect of this section on other sections (5) This section has effect despite sections 9‑40 (which is about liability for the GST), 48‑40, 51‑30 and 83‑5 (which are about who is liable for GST).