Import To Australia Tax 101: What You Need To Know
There are different taxes and duties required while importing any good in Australia the taxes which are included in it are GST and customs duties, but they have some schemes that helps in cutting their cost. Australian Tax System includes the opportunity to register an ABN for businesses, claiming the GST credits and the use of the Deferred GST scheme to delay taxes payments. Further, Tariff Concession Orders (TCO) grant short supply goods zero or low duties, and in the Tradex scheme customs duty rates and GST on goods imported for further manufacturing and export relief are offered. All these concessions give business entities better grips on cash as a medium of exchange hence the efficient flow of cash in any business enterprise fosters effectiveness and sustains market competitiveness at the domestic and international arenas.