If your business imports or exports it’s important that you’re aware of your responsibilities when it comes to GST. This means you’ll get your BAS right, which can save you time and money.
GST and exporting
Exports from Australia are generally GST-free, but be aware of special conditions. For example, if you don’t receive payment for your exports within 60 days, then GST could be charged.
GST and importing
If you’re importing, you’re generally required to pay GST. The GST payable is 10% of the value of the taxable importation. It’s usually paid to the Department of Immigration and Border Protection (formerly the Australian Customs and Border Protection Service) before the goods are released.
If you’re registered for GST, you may be able to claim a credit for any GST you pay on those goods.
So take the time to understand your GST responsibilities before you begin importing or exporting – this will help you get things right from the start.