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If you are registered for GST then you can claim the GST credit on your BAS (but can’t get an exemption, or claim it back from ABF at the time of import). You can apply for a GST deferral on imports but would have to lodge your BAS monthly – this is more appropriate for larger operations where it can benefit cash flow.
Rob’s reply above would have been under the assumption that you hadn’t registered for GST – if your turnover is under 75k there is no obligation to register.
Best seek proper financial advice on the pro and cons of registering for GST if under 75k. If you are registered then yes, you can claim a credit on the GST on your imports but you are also then required to collect GST from your customers / sales.
If I’m earing under 75k and claim a credit on the gst – how can I collect gst from customers? I thought that precludes me – I would not be allowed to collect gst from customers…
