1. Name of instrument
1. Name of instrument
1. Name of instrument
This instrument is the Goods and Services Tax: Valuable Metals Market Value Determination 2018.
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Commonwealth legislation
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).
Market 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).
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Direct links to the current provisions in Goods and Services Tax: Valuable Metals Market Value Determination 2018.
This instrument is the Goods and Services Tax: Valuable Metals Market Value Determination 2018.
This instrument is taken to have commenced on the day after it is registered on the Federal Register of Legislation.
This 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.
You determine the market value of the valuable metal contained in a good using the following formula on the date of the supply:
(Weight of valuable metal) x (spot price of the valuable metal on that date)
where:
Weight of valuable metal is the weight in troy ounces of the valuable metal in the good
Spot price of the valuable metal on the date of the supply is whichever of the following you choose:
one of the published rates for that date provided by an Australian entity recognised as a member of the London Bullion Market,
one of the published Australian rates for that date reported by the London Bullion Market Authority (LBMA), or
one of the published Australian rates for that date provided by a commercially recognised authoritative provider of spot price data.
You must use your chosen spot price consistently when determining the market value of the valuable metal for the purposes of the valuable metal threshold.
The expressions in this instrument have the same meaning as in the GST Act.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This instrument is the Goods and Services Tax: Valuable Metals Market Value Determination 2018.
This instrument is taken to have commenced on the day after it is registered on the Federal Register of Legislation.
This 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.
You determine the market value of the valuable metal contained in a good using the following formula on the date of the supply:
(Weight of valuable metal) x (spot price of the valuable metal on that date)
where:
Weight of valuable metal is the weight in troy ounces of the valuable metal in the good
Spot price of the valuable metal on the date of the supply is whichever of the following you choose:
one of the published rates for that date provided by an Australian entity recognised as a member of the London Bullion Market,
one of the published Australian rates for that date reported by the London Bullion Market Authority (LBMA), or
one of the published Australian rates for that date provided by a commercially recognised authoritative provider of spot price data.
You must use your chosen spot price consistently when determining the market value of the valuable metal for the purposes of the valuable metal threshold.
The expressions in this instrument have the same meaning as in the GST Act.