Important G.S.T Information
The 10% Goods and Services tax for Australian residents has now been with us for some time. Unlike most stamp and coin auctions, we operate our Postal Bid Sales on a G.S.T. inclusive basis. For Australian customers this makes bidding easier as there is no need to allow for the G.S.T. when bidding. Higher bids can be made in our sales as our add on costs are lower.
Lots offered on behalf of G.S.T registered vendors will be indicated with an * after the estimate. No G.S.T. will be added to these lots, as the sale price already includes a 1/11th G.S.T component.
Lots offered by us as agents on behalf of private vendors (those without an *), are exempt from the G.S.T.
How the G.S.T. affects you as a buyer depends upon whether you are a private or trade buyer, and resident in Australia or Overseas. To make the G.S.T. easily understandable the following notes summarise each a category of buyers.
Private Collectors and non G.S.T Registered Traders
The sale price of all lots already includes the G.S.T., if applicable. G.S.T. will only be added to the 15% buyers commission and any packaging or insurance charges. A lot selling for $100.00 will be invoiced for $100.00 + $15.00 buyers commission + $1.50 G.S.T. on the buyers commission only.
It is however expected that lots with an * after the estimate may realise more than a similar lot without *, as overseas buyers are refunded the G.S.T. included in these lots. Trade buyers are also advantaged when buying * lots.
G.S.T. Registered Trade Buyers
The sale price of all lots already includes the G.S.T., if applicable. G.S.T. will only be added to the 15% buyers commission and any packaging or insurance charges.
Lots indicated with an * are offered on behalf of G.S.T registered vendors and include an actual 1/11th G.S.T component which can be immediately claimed on your next B.A.S.
Lots without an * are offered on behalf of private vendors and have no G.S.T. component. However traders in second hand goods can generally claim an imputed input credit of 1/11th of the purchase price, subject to various conditions. If not familiar with this contact your tax professional or the A.T.O. for further information.
A full breakdown of the actual G.S.T. component of every lot is shown on our invoices to allow you to fully comply with the Tax Office's requirements.
Overseas Buyers
The good news for overseas buyers is that all exported goods are G.S.T. free. This means no G.S.T on lots, buyers commission, postage, packing or insurance. Lots must be delivered to an overseas address or G.S.T. will apply.
The big bonus is because lots with an * after the estimate include a G.S.T component, any lots marked with an * will have 1/11th deducted from the sale price. This means lots with an * are sold to overseas buyers at a lower price than those without an *.
The Tax Office requires goods be shipped overseas within 6 weeks of the invoice date to be G.S.T. free. If payment is received later than 5 weeks from the invoice date G.S.T. will be added to the invoice where applicable.
The 15% buyers commission is separate from any G.S.T considerations and still applies to the sale price of all lots.
The preceding advice is given to assist our purchasers in understanding the G.S.T. in our postal auctions and it's application with second hand goods. However we are not tax professionals and you should seek professional opinion on any taxation matters.