Help on import duty to Australia
First off i would like some help regarding importing a yacht to Australia from Europe. The reason being the yacht pool and selection is so much bigger.
I am looking at purchasing a 2008 Bavaria Vision (no VAT paid) for
$156 000.00 AUD (Australian). If i was to eventually sail this back to Australia
what would the price of importing this vessel into Australia be.
I understand it is 10% GST + 5% import duty as well as 15% on costs incurred to bring this vessel back.
Now if i pay $150 000.00 for this yacht and i have paperwork from a broker attesting to this will this be what they base the import duty and GST on or would i get slugged on Australian market value on what they believe the vessel could be worth.
I am not out to make any profit from this yacht i just want to understand my my tax implications.
Also a bit off the subject if i was to sail it back over several years and i stayed in Indonesia for several months would i be able to import it from Indonesia or would they slug me from Europe.
Hope this makes sense...