Import of goods
GST is payable on most goods imported into Australia which is calculated at 10% of the value of a taxable importation.
The value of a taxable importation is the sum of:
- The customs value of the goods
- Any customs duty payable
- The amount paid or payable to transport the goods to the port or airport of final destination in Australia (or the place in Australia to which goods are posted)
- The insurance cost for that transport
- Any wine equalisation tax payable
GST is payable when the goods are imported, unless approval has been given by the Tax Commissioner to defer the payment of GST on imports under the GST Deferred Scheme
Deferring GST payment on importation of goods scheme
The University is registered for the "Deferring GST payment on importation of goods scheme". Division and Offices are to quote the University’s ABN to the appointed courier or freight forwarder for customs clearance when goods arrive in Australia to avoid GST charged directly by the Customs at the point of goods clearance.
Under this scheme, the Customs Department records the deferred GST liability of each import by the University, during Customs clearance. The Customs Department supplies the GST information to the ATO. The University accounts for the GST based on the amount shown on the Business Activity Statement (BAS) by the ATO in the following month.
Imports that do not attract GST include:
- goods that would have been GST free or input taxed if supplied within Australia – such as basic food, certain medical aids and appliances
- certain goods that qualify for customs duty concession, like global product safety recall goods, goods returned after repair under warranty
- low value goods on which customs duty is $50 or less and which have a customs value of less than $1,000 (if imported by post) and less than $250 (if imported by sea or air).