Importing goods and providing new products can be an incredibly effective way to build your business and open new markets. Australia has a great market for newly imported items, especially when you can’t find similar quality items anywhere else in your region. Although there is no central governing source in Australia to assist with importing, the Department of Home Affairs provides some great information on rules and regulations. Before importing anything, make sure that you have researched all regulations and logistics so that you can save time and money in the future.
Licensing and Permit Requirements
Australia may not require a general license to import, but there are still plenty of restrictions around certain categories and types of goods. You may need a specific import permit, as well as a quarantine permit, and some goods may have detailed safety and information standards. When your items reach the border, the clearing process will check for prohibited items and any necessary permits. Researching import procedures in Australia is incredibly important because you don’t want to risk not receiving your imports due to some regulation requirements falling through the cracks.
All goods imported across the border will definitely be subjected to a local importing tax in Australia, as well as tariffs, and there are a variety of import processing costs which range in fee, depending on the product category. The most important area that you will need to master is accurately valuing goods for customs duty taxes. In addition, you may be required to pay goods and service taxes, and it is important to correctly classify goods so that they receive the right importing tariffs in Australia. In most cases, goods valued over one thousand Australian dollars will most certainly have to pay duty, as well as goods and service taxes, but there are a number of things that influence the total amount, and, for this reason, research is absolutely vital.
The total process of importing is confusing and complicated. Therefore, being aware of additional costs, such as insurance, ahead of time will help you set a profitable price on any items you import. Of course, the initial cost of the goods is the most important factor in determining how much of a markup the item will have. However, remember that the shipping and logistics cost for overseas versus domestic may change your markup considerably. After you’ve found a shipping company to work with, make sure that you are aware of any freight and handling charges that may be required by airports or boat ports. It may be a good idea to consult with an expert who will help you navigate the steps of importation. This will protect you from making costly mistakes during this new step for your business.