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Cargo ship transporting

IMPORTING GOODS

Customs, taxes, duties and more

General information
Understanding tariffs
Other considerations

Generally, all imported goods are liable for duties and taxes, unless an exemption or concession applies. Commercial importing involves bringing goods in from overseas with the intention for those goods to enter into commerce or a licensed customs warehouse.

THE THREE ESSENTIALS

1. Duties (import taxes or tariffs) must be paid before goods can be released at the border.

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  • The rate and amount payable may vary depending on the type of good, country of origin, or the value of the finished goods. General cargo often attracts a standard rate of 5% import duty on Free on Board (FOB) value.

  • Not all goods are subject to customs duty. Free trade agreements with other countries can reduce or eliminate customs duty on certain items.

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2. Sales Tax (e.g. VAT, GST, GCT, etc.) is payable on taxable supplies and taxable importations.

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  • Ensure all values have been converted into the imported country currency for calculations

  • Add the customs value of the imported goods PLUS any duty payable (e.g. 5%) PLUS the amount paid or payable to transport and insure the goods

  • If applicable PLUS any Luxury Car Tax (LCT) or any Wine Equalisation Tax (WET)

 

Items free of taxes and charges and a formal import declaration include low value goods, software downloaded from overseas websites and most personal effects.

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3. Customs must clear any imported goods. Prior to importing it is best to check whether:

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  • A permit is needed to import the goods or any restrictions/prohibitions?

  • Any biosecurity conditions need to be met?

  • Duties, taxes and freight and handling charges are applicable?

  • Any duty or tax concessions apply?

Image by Pat Whelen

OTHER CONSIDERATIONS

The customs value of imported goods must be expressed in the domestic currency imported.​

 

Foreign currency is typically converted at the rate of exchange prevailing on the day of export of the goods,

(not on the day the goods arrive).

 


Before you import goods, it's important to understand the costs that may apply. Depending on the type and value of the goods, you may have to pay:


Transport and insurance (T&I) -

Storage or handling costs -
Customs brokerage fees -
Import processing charges -
Clearance and permit fees -
Customs duties -
Biosecurity management fees -
Sales taxes -
Other fees and taxes -

 


Be aware of labelling requirements for imported goods, such as trade descriptions, country of origin and food information.

General Enquiries
info@bullandbearlive.com
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