Importing to Australia: What You Need to Know
Any import-export activity is heavily subjected to the rules and regulations set by the countries involved. However, things get trickier when one has to import a good to a foreign country. For that matter, we are going to discuss importing requirements for different countries in our blog posts. Here, we will talk about the goods importing to Australia.
Transaction Value: The Preferred Method of Customs Valuation in Australia
As per seasoned Importer of Record IOR services for Australia, the imported goods to the country are usually evaluated on their transaction value. It is the amount paid or payable on a good when it is sold as an export to the country of importation like Australia.
It is important to mention here that while importing to Australia, the truncation value is only applied when there is no connection between the buyer and seller. This clause is added to make sure that actual prices can’t be changed to influence customs taxation.
The Australian Customs and Border Protection Service are solely responsible for clearing all importing for Australia.
Besides transaction value, some other standard customs valuation also applies to goods importing to Australia. Any experienced Importer of Record IOR Services for Australia can guide you better in this regard.
Rules of Origin: To Assess the Rate of Duties
In the Australian customs legislation, it is the set of rules used to determine duty rates (deferred, reduced, and preferential) in line with the status of the country of exportation. For instance, a free-trade agreement is invoked under the Rules of Origin. Goods importing to Australia from the signatories of this agreement get preferential duty rates.
Importing While Using ABN
Seasoned Importers of Record IOR service for Australia also recommends a method for becoming eligible for GST deferral schemes while importing into the country i.e. register for an Australian Business Number or ABN. Input tax credits can also be claimed when the importer possesses an ABN.
Concessional Rates of Duty
To make importing to Australia easy, the Australian government provides concessional rates of duty to more than 40 broad categories of goods. It is important to mention here that many of these concessions are not subjected to ABN registration or free-trade agreements.
Goods importing to Australia can be cleared with the provision of these documents.
- Informal Clearance Document (Customs Entry)
- Bill of Lading (BLAD) or Air Waybill
No special invoices are needed to get the customs clearance. Any commercial invoice or BLAD that mentions the following details is enough for customs clearance.
- The status of shipping goods (FOB or CIF)
- Name, address, and contact of the consignor
- Country of origin
There is a better option available if you don’t want to do importing to Australia on your own. Get in touch with any qualified Importer of Record IOR services for Australia. From quotation to custom pre-approval, clearance, and import tax refund, they can take care of everything on your behalf. and try this here.