The deferred GST scheme allows an importer to defer payment of GST on all taxable imports into Australia. This scheme has specific eligibility criteria and requires approval from the Australian Taxation Office (ATO). For eligibility and application details, visit the ATO website.
This scheme is typically only available to businesses who lodge monthly activity statements, and it results in the GST on imported goods being deferred from one BAS reporting period to the next.
When setting up AccountEdge for GST deferral, there's no "one size fits all". The specifics of your overseas purchases will determine the accounts, amounts and tax codes to be used when entering transactions.
We might not be experts in GST on imported goods, but our community forum is a great place to connect with business professionals who are happy to share their insights.