Goods and services tax (GST) is payable on most goods imported into Australia (taxable importations).
GST on a taxable importation is payable by businesses, organisations and private individuals, whether they are registered for GST or not.
However, if you are a GST-registered business or organisation and you import goods as part of your activities, you may be able to claim a GST credit for any GST you pay on those goods.
To be eligible to participate in the deferred GST scheme you must:
- have an ABN
- be registered for GST (you can register for GST and apply for an ABN on the one form if you don’t already have an ABN)
- lodge your activity statements online
- lodge your activity statements monthly (if you are lodging quarterly, you can elect to lodge monthly)
- make your activity statement payments electronically.
Additionally, you may not be eligible if:
- you are not up to date with your tax returns or payments – this includes members of GST groups, branches and joint ventures (see GST group members and representatives)
- you or anyone relevant to the application has, in the past three years, been convicted or penalised by a court for specific offences.
We’ve created our GST Defer Information Sheet for all the relevant information.
For further information contact Glenn Hack.