Five Important Things About Importing Goods In Australia
Australia is considered a very vibrant and booming market for a number of goods. As an Importer of Record Service in Australia we have the capacity to identify the Important aspects that a business should consider before trading in the Australian market. IOR Australia also known as Importer Service Australia can aid the businesses in understanding the compliance complexities and ease the overall trade process.
The country has a population of 25.5 million. The people are considered very happy and prosperous. The mild weather conditions and the beaches are responsible for the low cost of living in the country. The people enjoy good housing facilities that are less expensive along with the best healthcare, educational and social services systems.
Import Industries in Australia
The country is considered a key business player in the Asian market. Some main business centers of the country reside in Brisbane, Sydney, Perth and Melbourne.In order to promote the main industries like metals and mining, healthcare, finance etc, there are ten import industries in Australia gas and oil extraction, science based equipment, communication appliance manufacturing, telecommunications devices manufacturing, petroleum refining agencies, pharmaceutical industries, machinery for construction, automobile industry, computer equipment manufacturing and audio/visual equipment manufacturing industry.
Following are the five aspects that any business should consider before trading in Australia
No Import Licenses Required
Based on the type of goods certain permissions are required. Importer of Record Service Australia can help acquire these special permissions. No matter what the value of the goods, the restricted items should have a proper description. The importer country’s name should be mentioned on the invoices of the goods.
Fair Valuation of Goods
Fair market value is important in many markets and Australian market is not an exceptional case. If the goods are valued at a much lower price than their original value then the shipment might not be welcomed by the custom department. It is very important that the sale price is mentioned on the products and a fair value is given as it will form the basis of customs and duties.
It will also help in analysis of the market by the statistics bureau. Certain conditions should be considered for valuation of the products like the consumer and seller should not be related to each other and the sale of products should be only based on any business need. There can be additions or subtraction to the sale price like commissions but it should be at a fair price. IOR Service Australia can provide guidance in this regard as well and ensure the shipment delivery.
Importance of Origin Country
Identifying the place of origin is important as it can express the place where the products are manufactured. It can help the Australian government assess the country’s benefit in trading its products in the Australian market like less customs and duties. Australia has signed free trade agreements with many countries like New Zealand, Singapore and the USA.
Considering the benefits of free trade agreement with Singapore, it includes free tariffs for products entering the country. In addition to that a number of restrictions will be reduced on banking licenses, better environment will be there for the financial service providers, it will also help reduce the restrictions on certain joint ventures, professionals can have better residency in Australia and the agreement also ensures paperless transactions that can further reduce the cost of business.
ABN for Importer of Record Service in Australia
The Importer Service Australia requires an Australian Business Number to support the importers in importing their products market. The number is similar to European number and is used as a basis of GST.
Declarations & Import Duties and Taxes
All goods or products are subjected to certain duties and taxes in the Australian market. There are very few products that have no tax on it unless the products are less or equal to $1000 AUD. Even if the equipment has no tax on it, the GST rate is approximately 10%.
Declarations
One important type of declaration is import declaration N10 which is required when the goods have a total valuation of more than 1000 Australian dollars. All the related custom duties and taxes should be paid before the shipment is released. This declaration is basically a statement which is made by the importer or on his behalf made by the authorised representative like Importer of Record Service in Australia. The declaration includes the type of products, the way the products are transported, details about the business and the classification of the customs and tariffs.
SAC Declaration: When the products are transported by air or sea and the value of goods is equal or less than $1000 AUD than this declaration is needed.
N20 Warehouse Declaration: If the products are transported to a warehouse before they are shipped it requires warehouse declaration.
How AGOL Worldwide Inc Can Help You As Your IOR In Australia
AGOL Worldwide Inc can provide your business with expert advice for importing goods in Australia. Our IOR experts are well aware of all the customs and declarations required for the import of goods. AGOL Worldwide Inc as your IOR in Australia can help overcome all the logistics hurdles and make your tech deployment a hassle free process.
