The Australian Federal Police's Serious Financial Crime Taskforce is targeting what it describes as artificial arrangements in the gold bullion and precious metals refining industry.According to the Taskforce's latest Intelligence Bulletin, groups of industry participants, including refiners, bullion dealers, gold kiosks, dealers and buyers are involved in recycling arrangements that seek to exploit the goods and services tax rules in relation to precious metals.The Taskforce has branded these arrangements "tax crimes".Investment grade gold and silver bullion is not subject to GST. Items such as jewellery that happen to be made of gold or silver are not precious metals for the purposes of the tax law because "they no longer have the character of gold or silver.""We are seeing sophisticated arrangements that attempt to obscure transactions of recycled 'investment form' precious metals," the Taskforce said.Australian Taxation Office deputy commissioner Michael Cranston said the ATO was working with the Taskforce to stamp out GST fraud in the industry.