Importations and intangibles from offshore (G10)

For taxable importations of capital items for use in the business, do not include the actual amount paid or payable for the goods imported, or the amount paid or payable for transport and insurance of goods imported.

You have two options:

• Include the value of the importations together with the GST payable on the taxable importations, made up of:

  • the customs value of the goods imported

  • the amount paid or payable, (to the extent that this amount is not already included under paragraph a.)

  • for the international transport of the goods to their place of consignment in Australia, and

  • to insure the goods for that transport

  • any customs duty payable in respect of the importation of the goods

  • GST payable on the taxable importations.

• If option 1 is not practicable, declare GST payable on the taxable importations x 11.

Details recorded

GST Payable: This includes GST payable under the deferral scheme for GST on imported goods.

Payments to Customs: If the business makes payments of GST to Customs to amend import transactions for capital items for use in the business that occurred in the current tax period or in an earlier period, include at Label G10 the amount of GST paid x 11.

Payments to Customs will also arise if the value of the taxable importation is increased for any reason, or the business had incorrectly classified the goods as GST-free at importation. Amendments to the value of the taxable importation may be necessary to take account of a number of matters, including changes to:

• the customs value

• the customs tariff classification, or

• The amount paid or payable for the international transport or insurance of the goods.

For importations of goods entered for warehousing, do not include any amount until the goods are cleared for home consumption.

Intangibles from offshore: For importations of things other than goods and real property for use in your business which are of a capital nature, include the amount paid or payable for the things imported.