Importing goods worth $1,000 or less?

Importing goods worth $1,000 or less?


Overseas businesses that meet the GST registration threshold (A$75,000) will be required to charge GST on goods purchased from the 1 July 2018.

Specifically, GST will be charged on goods that are:
– less than A$1,000 (low-value);
– not GST-free (i.e., alcohol or tobacco products);
– and imported into Australia.

Individuals who purchase low-value goods (which they import) will be required to pay GST if they are not registered for GST or importing goods for personal use (even if they are GST registered).

However, individuals can avoid paying GST if they are:
registered for GST;
– import low-value goods for business use in Australia;
– and provide their ABN to the supplier and a statement that they are GST registered.

Individuals charged GST incorrectly will need to contact the supplier to advise them they are registered for GST, and need to request a refund.

Categories

If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.


Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.


+ There are no comments

Add yours