Know About Import Tax and GST Imports
Australia is a sound nation as per the view of economic situation and apart from this, it has a plausible taxation system. The main foundation or let’s say pillar of tax collection in Australia is usually carried out by Australian Taxation Office. To be more precise, this is an important part of government, which basically does the job of collecting different types of taxes from firms, companies, individuals and few more to name. Also, the highest amount of revenue is generated from income tax collected by individuals.
As you all might know that GST on imports in Australia is collected by the Australia Customs Service (ACS). Normally it is 10% of the total value of the imports tax in Australia. The taxes collected by the taxation office is usually used by the goveranment to make certain types of transfer payments and is also used to pay for public services as well.
When it comes to importing or exporting goods to and from Australia, then to be precise, it may be subjected to certain types of inspections and customs duty/GST as well. Besides this, there are certain other applicable taxes, which may be dependent on certain types of factors or circumstances. When it comes to goods imported through post usually get clearance from Australian Quarantine and Inspection Service whose abbrevation is (AQIS). It may happen that certain types of goods are opened then and there by the Australia Post on behalf of Customs Border Protection, whichis done basically with the aim of value assessmentor for carrying out inspection process to know the possibility of presence of restricted or prohibited items or goods.
How the custom duty and GST is calculated?
The custom duty is usually calculated or may be computed based purely on the customs value. This usually corresponds to the price, which has been usually paid for the goods which have been imported at the time of exports which has been converted to Australian dollars. Depending on the nature of the product and its duty rate, the custom duty can usually vary from 0 to 10% of the custom value of goods. Further, the calculation or computation of the GST is done by adding up custom duty, custom value, cost of insurance as well as international transport and usually 10% of the total is the amount calculated or considered as GST.
To get more in-depth information about GST or import tax in Australia, you can do bit of research and study relevant websites, which will give you enough information about how it is calculated and what are the things, you need to care about while importing or export to Australia. If your business is into the import and export of goods, then it is really very important to make yourself aware about all the pertinent things related to GST on imports in Australia.
Thus, this will help you to make yourself about all the taxes related to importing or exporting of goods from or to any other country or place.
Article Source: What You Need to Know About Import Tax and GST Imports?