A New Tax System (Goods and Services Tax) (Incidental Valuable Metal Goods) Determination 2017 (No. 1) (Cth)

A New Tax System (Goods and Services Tax) (Incidental Valuable Metal Goods) Determination 2017 (No. 1)

I, KELLY O'DWYER, Minister for Revenue and Financial Services, make this determination under subparagraph (c)(iii) of the definition of incidental valuable metal goods in section 195‑1 of the A New Tax System (Goods and Services Tax) Act 1999. Dated 16 October 2017

Kelly O'DWYER Minister for Revenue and Financial Services

1 Name This determination is the A New Tax System (Goods and Services Tax) (Incidental Valuable Metal Goods) Determination 2017 (No. 1).

2 Commencement This determination commences on the day after it is registered.

3 Authority This instrument is made under subparagraph (c)(iii) of the definition of incidental valuable metal goods in section 195‑1 of the A New Tax System (Goods and Services Tax) Act 1999.

4 Definitions In this Determination: Act means the A New Tax System (Goods and Services Tax) Act 1999. Note: The following expressions used in this instrument are defined in section 195-1 of the Act: (a) registered; (b) valuable metal; (c) Australian consumer; (d) incidental valuable metal goods; (e) Commissioner; (f) business; (g) taxable supply; (h) creditable acquisition; and (i) second-hand goods.

5 Purpose of Determination The purpose of this Determination is to determine a class of goods that are incidental valuable metal goods for the purposes of the definition of incidental valuable metal goods in section 195-1 of the Act.

6 Class of goods determined to be incidental valuable metal goods (1) This section determines, for the purposes of subparagraph (c)(iii) of the definition of incidental valuable metal goods in section 195-1 of the Act, a class of goods that consists of items, each of which meets these conditions: (a) an entity (the dealer) acquires the item, from an entity that is not registered, for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business; (b) the item consists wholly or partly of valuable metal; (c) the physical characteristics of the valuable metal in the item have been substantially transformed by means of a manufacturing process, or by skilled craftsmanship, that was undertaken to produce the item; (d) the item is commercially distinct from the valuable metal in it; (e) the dealer supplies the item to an Australian consumer; (f) at the time of the supply to the Australian consumer, the dealer holds a date-stamped photograph of the item, which allows the physical characteristics of the item to be clearly identified at that time; (g) throughout the period starting when the dealer acquires the item and ending when the dealer supplies the item to the Australian consumer, the dealer: (i) is registered; and (ii) is licensed as a second-hand goods dealer in every State or Territory in Australia in which the supplier carries on a business of dealing in second-hand goods; and (iii) satisfies the record keeping obligations under subsections 29-10(3) and 29-20(3) of the Act, as modified by section 66-17 of the Act to the extent the entity is required to comply with those obligations.