Goods and Services Tax: Valuable Metals Market Value Determination 2018
4. Determination4. Determination
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4. Determination
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.