Importing various items to Australia can be a fantastic way to expand the range of products that you offer to your customers, particularly if you have no local manufacturer at hand.
In that condition, however, you should be well aware of the regulations, challenges, costs and everything that comes with importing goods from overseas.
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1. Learn the Laws and Government Regulations
The Australian Government has numerous rules and regulations you will have to follow while importing goods. Luckily, there are some excellent resources like https://www.dazmac.com.au/boats-and-yachts-shipping.html to make you aware of things you should know.
A great point to start is to study the import rules from the Department of Immigration and Border Protection, the main agency taking care of clearing your goods through customs.
2. Find out If You Should Get a Particular Permit
Individuals or businesses don’t need a general license to import stuff into Australia; nevertheless, you may have to get a permit to clear specific kinds of goods through customs.
You should also know which categories of goods are prohibited or restricted for import. These include but are not limited to dangerous chemicals, narcotics, pharmaceuticals, tobacco, weapons, certain foods and certain biological items.
You can go through the list for a comprehensive guide and information on whom to approach to get permission. There is also a need of additional registration while importing industrial chemicals.
You will also need to know the rules of origin and make sure to follow them.
3. Inquire if Your Items will have to be Quarantined
If you are importing an animal, plant (including live animals and plants), human products or minerals, they will almost definitely have to be quarantined and treated for pests and other biological factors.
4. Know about the Taxes and Tariffs You will Have to Pay
You will almost definitely need to pay some tariffs and taxes on the goods you will import. Learn about:
- Import entry costs and processing charges
- Tariff classification of your goods
- How to value goods for customs duty taxes
- Excise duty on tobacco, fuel and alcohol
- You will also need an Australian Business Number to defer tax payments and claim tax credits. For this you have to contact your taxation office.
5. Know about the Import Duty and Goods and Service Sales Tax
Here’s a rough idea of the kinds of fees and charges you will have to pay:
- If your items are valued more than AUD 1000, you will almost definitely need to pay GST and import duty on them.
- Import entry costs as well as processing charges
- Customs import duty is a percentage of the price of your goods. It can range between 0% and 10%, but it’s 5% for most goods.
- GST (Goods and Services Sales Tax) will be based on:
- The amount of customs import duty
- The valuation of the goods
- The cost of insurance of the goods and their transportation to Australia
- GST is calculated as 10% of the final amount
These are general rules. The charges can change depending upon what you actually bring in, free trade agreement, excise duties and several other factors.
6. Look for Any Concessions
Some kinds of items are entitled for concessions. Know which items these are.
7. Know about FTAs (Free Trade Agreements)
Australia is in free trade agreements with a number of countries across the world. These are meant for easing international trade barriers and decrease import costs. So, depending on the country you are importing from, you may have to pay fewer duties.
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8. Know about Other Costs
You may have to expect several other costs, like:
- In the first place, the costs of purchasing the goods
- Costs of shipping and logistics for domestic and international shipping
- Charges of freight handling levied by seaports or airports
- Costs of insurance
- Other costs
If you know all these costs, the process of importing will be much easier for you. Visit Dazmac website for valuable information on importing goods, shipping and more.