MWL FINANCIAL GROUP
SECTION – YOUNG ENTREPRENEURS
SUBJECT – Overseas Transactions – Purchases
Hi I'm Matt Laming, Structures Advisor for Young Entrepreneurs and start ups at MWL Financial Group
Are you an importer? Do you buy goods from overseas?
With the rise of the internet and online shopping, more and more businesses are looking for the best prices overseas. When you look at the price of overseas goods, do you see GST included in their price? While GST may not be included in their advertised price, customs will charge GST on the value of imported goods, and you will be liable to pay this. You are then entitled to claim the GST paid back when you prepare your next Business Activity Statement provided the goods are used in your business.
There is also the Deferred GST system which defers the payment of GST on imports to the time that your prepare your Business Activity Statement. Under this system, customs will not charge you GST at the time of import but this information will be sent to the Tax Office and is reported on your next BAS.
For more information contact us at email@example.com and either me Matt Laming or one of our experts will be more than happy to help.