You must keep a dealers record with the following information for every item you acquire in your business:
the person who sold you the item (their full name, contact address, contact phone number)
how you verified the person’s identity, or why you did not verify their identity. Identity can be verified if you check someone’s authorised identification, or if you know them. You do not need to verify their identity if it is a public auction by a licensed auctioneer, an internet auction run by an internet auction provider, a garage sale (although you must keep a record of the address), or where goods are acquired from an overseas seller
the person’s date of birth and signature
a description of the item and its serial number or unique identifier
the price you paid and the number you assigned to the item
the name and signature of the person who carried out the transaction on your behalf
the date of the transaction
for items with an expected resale of more than $40 you must record the date of sale or an account of how and when the item was disposed of, and any other prescribed information
for scrap metal you must record the identity of the person you bought it from, a description of the nature and quantity, the name and signature of the provider, the date of the transaction, and any other prescribed information.
This must be recorded in the dealer’s record as soon as possible. If you fail to comply with these requirements and are convicted – you could be fined up to $10,000. The dealer’s record must be kept and available for no less than 3 years from the date of transaction.
How long do I have to keep items for?
All items must be kept in an unaltered state for 14 days after the transaction. Goods must be able to be reasonably and conveniently inspected by police on request during this period.
You don’t have to keep items for 14 days if they are returned to the person you acquired them from or if you are selling them as an agent for the owner and you have noted the following details of the owner:
date of birth
how you verified their identity
If you fail to comply with these requirements and are convicted – you could be fined up to $10,000.
How do I label items?
Each item must be labelled with the number you have assigned to it. This label must be attached to the item at all times. If a group of items are bought as a single item and there is a single item that would have a resale value of more than $40 or has a unique identifier or serial number, the single item must be labelled. Any remaining items may be regarded as a single item.
A licensed secondhand dealer cannot enter into a buyback contract. If convicted you could be fined up to $10,000.