29th May 2020 | Tax
If you’re a GST-registered importer, deferring GST can be a helpful way to manage your cash flow in the COVID-19 environment.
Instead of paying GST on your taxable imports up front, you can defer payment until you’ve lodged your first activity statement after the goods are imported.
To access the deferred GST scheme, you (or your registered tax or BAS agent) need to:
- complete and lodge your Application for approval to defer GST on imported goodsform
- lodge your activity statements monthly (if you are currently lodging quarterly, we will change this (on your behalf) to monthly once we receive and approve your application).
This means that if you apply in May or June your application will be backdated to take effect from 1 April 2020. You will need to start lodging your monthly activity statements online. This includes, your statements for April, May and June 2020.
Deferment of payment for GST imports can only take effect after your application has been successfully processed.
Next step:
- Lodge your application for Deferred GST, or talk to us at Ax3, info@Ax3.com.au on how you can apply.
Disclaimer
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.