GST import deferral
BUSINESS manjud2The Government has released guidelines that allow approved importers to defer the GST payable on imported goods until the lodgement of the next Business Activity Statement (BAS).
Previously importers were to pay GST to customs on imported goods at the time of arrival of goods into Australia.
The new guidelines mean GST is effectively not paid at all, but rather recorded as a payable amount, and as an offsetting input tax credit on the BAS relating to the tax period in which the transaction occurred.
To take advantage of this method, importers must comply with the following:
* Lodge their BAS and make payments to the Taxation Office electronically monthly.
* Have a satisfactory compliance with the Taxation Office.
* Deal with customs electronically.
* Obtain approval from the Taxation Office to use the deferral scheme.
Approval can be granted by filing an application with the Taxation Office.