GST and imported goods

If you are registered for GST and import goods in the course of your business, you can claim input  ax credits for any GST paid on the importation of goods. Most goods imported into Australia will be subject to GST unless:

• The goods would have been GST-free or input-taxed if supplied within Australia; or
• The goods qualify for certain customs duty concessions (including goods with a customs value of less than $1,000)

The amount of the GST is 10% of the value of a 'taxable importation' and is payable to The Australian Customs Service.

 

The value of a 'taxable importation' includes:

• The customs value of the goods;
• Any customs duty payable;
• Costs incurred to transport the goods to the port or airport of final destination in Australia, including insurance; and
• Any wine equalisation tax payable.

You may be able to defer the payment of GST on imported goods by participating in the Deferred GST Scheme which allows you to defer the payment of GST on taxable importations until the first Business Activity Statement you lodge after the goods are imported.

The Tax Office has recently updated its guide 'GST and imported goods'. Click here to access this guide.