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May 19, 2020 at 5:44 am #1000168Up::0
Hi all, first post here,
i have started importing from over seas, and Im confused about how customs works out the value of goods.
my shipment cost was $8160, including freight, but I was only charged Gst on $7404
I cant work it out, and dont know how to show the true cost in the accounting program im using.
can anyone shed some light please
thankyouMay 19, 2020 at 8:54 am #1223247Up::0Welcome to Flying Solo.
Hopefully some helpful members will be along soon with some advice to point you in the right direction.
Cheers
May 19, 2020 at 11:47 am #1223248Up::0GST is only charged on certain components and there are tricky tax rules on imported goods etc.These Invoices never make any sense in the beginning. Providing the final Invoices are ATO complaint, then any good book keeper or accountant can explain exactly how you should account for all the figures.
May 19, 2020 at 11:20 pm #1223249Up::0There isn’t just one rule about what GST is charged on. Simply put it’s a percentage of the value of the taxable goods (Value of goods, custom duties, transport, insurance). But determining the value of the taxable goods depends on different factors and must take them all into consideration. There are also tariffs, concessions, etc. If you’re going to be importing the same type of goods consistently, perhaps consider consulting an expert to understand how it works in your particular case and get the correct breakdown, and then do it yourself in the future. Tax compliance is something you want to get correctly done from the scratch.
cheers, Paula
May 20, 2020 at 8:19 am #1223250Up::0hutchi, post: 269770, member: 114906 wrote:Hi all, first post here,i have started importing from over seas, and Im confused about how customs works out the value of goods.
my shipment cost was $8160, including freight, but I was only charged Gst on $7404
I cant work it out, and dont know how to show the true cost in the accounting program im using.
can anyone shed some light please
thankyouYour right, It doesn’t sound right. Send me the Customs entry / Commercial invoice to have a look. Pretty sure i can work it out after 15 years of looking at entries and moving goods. Once we find the problem, go back to the broker that lodged it to customs and tell him to amend it so the declaration is true and correct.
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