16 March 2016
What is the deferred GST scheme?
If you import goods you might be able to defer payment of GST by applying for the deferred GST scheme.
GST is payable on most imported goods. It needs to be paid before the goods are released from customs, unless you are part of the deferred GST scheme.
To join the deferred GST scheme, you need to have an ABN and be registered for GST. You also need to lodge and pay your activity statements online on a monthly basis.
Lodging your activity statements quarterly at the moment? You can change to monthly but the change won't take effect until the start of the next quarter. You won't be able to defer GST on your imports until the change takes effect.
If you're in the deferred GST scheme
It’s important that you continue to do the following:
If you're part of a GST group, only the nominated representative needs to report the deferred GST amounts.
Find out about:
Related news items
How to report GST on offshore to offshore supplies in your BAS.
GST no longer applies to some transactions with overseas businesses.