Originally Posted by halcyonau
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...
Get in touch with a customs agent, they'll give you the complete gen.
However, as far as I know, the valuation is based on the cost of the boat + transport cost allowance for calculation of GST and Import duty. You have the rates correct but Oz Customs use their own exchange rate calculation that does not always agree with the official rate at the time. Remember also that the exchange rate is calculated at time of import not at time of purchase. So don't think you are paying AUD$150.000 for the vessel, you are in fact paying for the boat in Euros (or GB Pounds if its British.)
As regards importing from Indonesia (or any other nation) the only way you could make this legal would be to officially import the boat into Indonesia or wherever first, and then re export to Australia.