Last week, our specialists in underbond warehousing in Sydney shared some helpful tips to help you with importing goods from overseas in Importing Checklist Part 1 and this week we have some more items to add to your checklist: 

5. Import Duty and GST - Below our specialists in under bond services Sydney have a guide of the types of charges and fees you’ll need to pay:

If your goods are valued at over $1,000 AUD, you will almost certainly have to pay import duty and GST on them.

• Import entry costs and processing charges - Customs will charge you a fee (typically under $200 AUD) for processing your goods.
• Customs import duty is calculated as a percentage of the price you paid for the goods. The duty rate can range from 0% to 10%, but the rate for most goods is 5%.
• Goods and services sales tax (GST) will also be charged based on the The valuation of the goods, customs import duty amount, cost of insuring the goos and transporting them to Australia.
• The customs import duty amount plus;
• The cost of insuring the goods and transporting them to Australia.
• GST is charged at 10% of the final amount.

Remember these charges can be influenced by what you’re bringing in, excise taxes, free trade agreements, and many other factors.

6. Free trade agreements (FTAs) - Australia has a number of free trade agreements with other countries and these are designed to ease international trade barriers and reduce import costs. Be sure to investigate to see how FTA's may benefit you.

7. Foreign Currency - Importing comes with a lot of challenges including paying overseas suppliers. If you need to transfer money overseas, consider using OFX who are specialist for Australian businesses. 

To find out more about our underbond warehousing and container transport Sydney contact the team at WSI today.