Hi all, quick question - looking to bring in a silver item from overseas which costs about $850AUD.
Will I get hit by taxes? Looking online, while it says that under $1000 isn't normally taxed, would that be the case here also?
Any advice greatly appreciated, TIA
Peg leg and parrot on shoulder tax as well?
Carry it on your person will be GST free
Some overseas sellers. e.g. eBay charge GST regardless of the value.
How are you bringing it in? There are many key exceptions.
Delivery from the store overseas - international postage
Postage or courier. If courier they will collect GST even under the $1k limit. Post it's hit and miss but mostly miss. Note GST is payable on the shipping charge as well and you may be charged a clearance fee. Duty you'll need to look it up and see if it's applicable.
Have a read of these links:
https://www.ato.gov.au/law/view/document?docid=GST/GSTR20031…
https://www.abf.gov.au/importing-exporting-and-manufacturing…
silver (in an investment form) of at least 99.9% fineness
Precious metals must be in a form that is tradeable on the international bullion market. Precious metals in an investment form carry a mark or characteristic that guarantees its fineness and quality. An investment/tradeable form may be a bar, wafer or coin but must be in the form and character of the metal only. A tradeable form means the metal is in a form as traded at a spot price for the metal only. Granules do not carry marks and are not investment form. Some gold, silver or platinum coins are not precious metals (see Collectable coins).
If so, 0% duty and GST. If not in an investment form, duty and GST appliciable
Just insert it into a body cavity.
Prison wallet is least painful
Thank Gerry Harvey for the removal of the $1k tax free threshold