GST Deferral
Only 2 weeks remain to lodge GST Deferral Application
17th July, 2020
As we have advised in previous bulletins, Importers who lodge their BAS monthly and electronically can have the GST payable on importation deferred until the 21st of the following month. This provides significant cash flow advantages.
The Tax Office advises that they can now have GST deferral in place within 3 to 4 days of receiving an application, this process previously took up to 30 days.
Importers that are currently reporting quarterly who want to avail themselves of deferred GST must first change to monthly electronic BAS reporting and request GST deferral in the first month of a quarterly reporting period.
This only leaves two weeks in July for those quarterly reporters to apply. The next opportunity will not be until October.
Please do not hesitate to contact your Southern Cross Customs Team at sales@sccargo.com should you wish to discuss GST deferral.
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