Is your business paying GST on imported goods?

Is your business paying GST for imported goods?

GST applies to most imports over $1,000. GST is 10% of the value of the goods you’ve imported. You generally need to pay this to the Department of Home Affairs before you can receive the goods.

The deferred GST scheme will allow you to pay your GST later and there are eligibility requirements. If you are registered for this scheme, you don’t need to pay GST until after the goods are imported and you lodge your next business activity statement.

There are also methods for claiming a credit for any GST paid on goods you import for your business which we can help you better understand.

GST now also applies to imported goods valued at less than $1000, as well as digital products or services.

If you’re registered for GST and you import low value goods for your business, you shouldn’t have to pay GST on these purchases. You need to remember to provide your supplier with your ABN and a statement that you’re registered for GST.

If you’re charged GST incorrectly, or if the GST is less than $82.50, talk to us about claiming a GST credit on your next BAS without needing a tax invoice.


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Fuel Tax Credit Rates Have Increased

Fuel tax credit rates increased on 1 August, so don’t forget to use the new rates to calculate your claims on your next business activity statement (BAS).

Simplify your fuel tax credit claims

If you claim less than $10,000 in fuel tax credits each year, you can use our simplified methods to keep records and calculate your claims.

Make sure you keep accurate business records to help you claim all the fuel tax credits you are entitled to.

You can always use our fuel tax credit calculator to work out your claim.

Remember, registered tax agents and BAS agents can help you with your tax.

We can help you with your Business Activity Statement submissions to the Australian Taxation Office so contact us today!