Australia's Bullion GST Fraud Still Under Wraps
The problem with the lack of publicity around this industry fraud is that eventually a large number of private bullion investors/consumers could get caught in the crossfire should one of the companies involved be a retailer who gets shutdown by the ATO.
The ATO reported in a mid year performance report (2014/2015), h/t SilverPete:
GST litigation casework continues to flow from project work relating to cash economy matters and refund integrity issues. Also, there are a steady number of new cases involving inappropriate input tax credit claims made between associates, often in the context of phoenix activity.Seven new significant cases were received during December 2014. Six of these cases involve similar issues concerning the purported purchase of gold jewellery and subsequent dealings in gold bullion. The Commissioner’s view is that these cases involve sham transactions. These cases will be progressed in the early part of 2015.
The Government will provide $265.5 million to the Australian Taxation Office (ATO) over three years to extend the GST compliance programme.
While the Government recognises that most taxpayers do the right thing, the ATO will continue a series of compliance actions to make sure honest businesses have a level playing field. This programme will allow the ATO to continue to identify fraudulent GST refunds, under reporting of GST liabilities, failure to lodge GST returns and outstanding GST debts.
“Limit the size of any single order with an individual or dealer to an amount you’d be prepared to lose if the deal goes sour.” – Bullion Baron
[Addendum]
I found this transcript from an Economics Legislation Committee on the 26/02/2015 which shows Senator John Williams questioned Mr Chris Jordan, Commissioner of Taxation, on the investigation:
I don’t know how much detail would normally be shared in this type of committee meeting, but the answers appear evasive to me.
If you can provide any additional information on these investigations, you can email me: [email protected]
Source: http://www.bullionbaron.com/2016/02/australias-bullion-gst-fraud-still.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).