Jump to content
SAU Community

Recommended Posts

Hey,

I'm about to start importing containers of new product. (Nothing car related at all)

i will have a rather big gst payable on importation (somewhere around 8k) i've asked a question to my import broker about cutting costs down somewhere or anywhere and he mentioned deferred gst and setting it up.. i've gone to the ato website and cant find what its actually about.

anyone here can shed some light on it?

Cheers

Firstly you will need to register for GST for this and you do that if you expect to earn more than $50k per year.

You need to understand that you do not pay GST when you sell a taxable supply (good or provide a service), you collect it from your customer on behalf of the government. You only pay GST when you buy a taxable supply.

So if you sell a good to someone for $100, you have to charge an additional 10%, which is the GST component, so you collect $110 from the customer. $100 is your revenue and $10 is the GST you collect for the government.

When you buy $100 fuel to run your car to deliver your goods, you pay $91 to the fuel station and $9 in GST that the fuel station collects on behalf of the government.

The $9 you pay to the servo is a GST input credit for your business and is recorded on your BAS as GST you have paid out to others in running your business.

So if you pay $9 GST on petrol and sell something for $110 and collect the $10 GST, you will effectively have a $1 GST liability for the period and you pay $1 to the government.

Deferred GST is where you apply for an exemption to pay the GST that you collect for a set period of time, you do not get this money for free rather you have to pay it back later and after you have had a chance to rack up some GST input credits to reduce your liability to pay.

DISCLAIMER: I am a lawyer NOT an accountant or tax specialist, the above is not intended nor should be taken as advice specific to your situation and you should not make any decisions based upon it - that is you should obtain your own independent advice from an accountant..... haha

Edited by R34kid

haha disclaimer..

cheers for that. so at the end of the day the gst likes to put its arm elbow deep up my ass..

so after selling the product we would really have paid gst twice. (tho the customer pays the second lot)

What if the business is based offshore. e.g based in Japan but importing goods to australia and being paid oz dollars.

Or other scenario money being payed to offhore account and having virtual offshore business address.

Andrew how good nick is the head??

anything imported to australia is liable for any applicable import duty (different for different things from different countries) and GST. it doesn't matter if you are offshore, with offshore accounts and business registration. you simply need to pay those costs at the time of entry for the product/parts/cars.

haha disclaimer..

cheers for that. so at the end of the day the gst likes to put its arm elbow deep up my ass..

so after selling the product we would really have paid gst twice. (tho the customer pays the second lot)

no you have not paid it at all:

when you sell something, the customer pays the GST which you collect for the government.

When you pay someone else out, you pay them the GST but then you get to claim it as an input credit in your business which means you do not have to pay the government what your customer as already paid you (assuming they are equal).

What if the business is based offshore. e.g based in Japan but importing goods to australia and being paid oz dollars.

Or other scenario money being payed to offhore account and having virtual offshore business address.

Andrew how good nick is the head??

Is sold :banana:

no you have not paid it at all:

when you sell something, the customer pays the GST which you collect for the government.

When you pay someone else out, you pay them the GST but then you get to claim it as an input credit in your business which means you do not have to pay the government what your customer as already paid you (assuming they are equal).

yeah yee i got you :)

we wont be doing much paying anyone over here, we're mainly just importing goods and wholesale.

factory rent will be free (hopefully) and most other costs will also be within us, i guess transport will be one of the costs we're paying..

but i see that everything else we spend (even if its not business related ;) ) we will get the gst back? thats what your saying?

i should really see an accountant, but i still get lost in their words!

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now


  • Similar Content

  • Latest Posts

    • Hi, is the HKS  Tower Bar still available ? negotiable ? 🤔
    • From there, it is really just test and assemble. Plug the adapter cables from the unit into the back of the screen, then the other side to the car harness. Don't forget all the other plugs too! Run the cables behind the unit and screw it back into place (4 screws) and you should now have 3 cables to run from the top screen to the android unit. I ran them along the DS of the other AV units in the gap between their backets and the console, and used some corrugated tubing on the sharp edges of the bracket so the wires were safe. Plug the centre console and lower screen in temporarily and turn the car to ACC, the AV should fire up as normal. Hold the back button for 3 sec and Android should appear on the top screen. You need to set the input to Aux for audio (more on that later). I put the unit under the AC duct in the centre console, with the wifi antenna on top of the AC duct near the shifter, the bluetooth antenna on the AC duct under the centre console The GPS unit on top of the DS to AC duct; they all seem to work OK there are are out of the way. Neat cable routing is a pain. For the drive recorder I mounted it near the rear view mirror and run the cable in the headlining, across the a pillar and then down the inside of the a pillar seal to the DS lower dash. From there it goes across and to one USB input for the unit. The second USB input is attached to the ECUtec OBD dongle and the 3rd goes to the USB bulkhead connected I added in the centre console. This is how the centre console looks "tidied" up Note I didn't install the provided speaker, didn't use the 2.5mm IPod in line or the piggyback loom for the Ipod or change any DIP switches; they seem to only be required if you need to use the Ipod input rather than the AUX input. That's it, install done, I'll follow up with a separate post on how the unit works, but in summary it retains all factory functions and inputs (so I still use my phone to the car for calls), reverse still works like factory etc.
    • Place the new daughterboard in the case and mount it using the 3 small black rivets provided, and reconnect the 3 factory ribbon cables to the new board Then, use the 3 piggyback cables from the daughterboard into the factory board on top (there are stand offs in the case to keep them apart. and remember to reconnect the antenna and rear cover fan wires. 1 screw to hold the motherboard in place. Before closing the case, make a hole in the sticker covering a hole in the case and run the cable for the android unit into the plug there. The video forgot this step, so did I, so will you probably. Then redo the 4 screws on back, 2 each top and bottom, 3 each side and put the 2 brackets back on.....all ready to go and not that tricky really.      
    • Onto the android unit. You need to remove the top screen because there is a daughterboard to put inside the case. Each side vent pops out from clips; start at the bottom and carefully remove upwards (use a trim remover tool to avoid breaking anything). Then the lower screen and controls come out, 4 screws, a couple of clips (including 3 flimsy ones at the top) and 3 plugs on the rear. Then the upper screen, 4 screws and a bunch of plugs and she is out. From there, remove the mounting brackets (2 screws each), 4 screws on the rear, 2 screws top and bottom and 3 screws holding in the small plates on each side. When you remove the back cover (tight fit), watch out for the power cable for the fan, I removed it so I could put the back aside. The mainboard is held in by 1 screw in the middle, 1 aerial at the top and 3 ribbon cables. If you've ever done any laptop stuff the ribbon cables are OK to work with, just pop up the retainer and they slide out. If you are not familiar just grab a 12 year old from an iphone factory, they will know how it works The case should now look like this:
    • Switching the console was tricky. First there were 6 screws to remove, and also the little adapter loom and its screws had to come out. Also don't forget to remove the 2 screws holding the central locking receiver. Then there are 4 clips on either side....these were very tight in this case and needed careful persuading with a long flat screw driver....some force required but not enough to break them...this was probably the fiddliest part of the whole job. In my case I needed both the wiring loom and the central locking receiver module to swap across to the new one. That was it for the console, so "assembly is the reverse of disassembly"
×
×
  • Create New...