Australia Tax Office (ATO) executives have advised recent highlighting of Deferred GST scheme has led to an overwhelming number of DGST applications being lodged and subsequently approved by the ATO. In fact, this was the largest influx of applications seen since the introduction of GST in 2000.
It is once again timely for importers to consider the merits of the Deferred GST (DGST) Scheme. Entities currently reporting on a quarterly basis and seeking admission to the DGST Scheme need to do so in the first month of any quarter (July being one of these months). ATO advises DGST can be in place (linked in the Integrated Cargo System and ready for use) within 3-4 business days provided an entity first makes a change to monthly GST reporting.
Two weeks ( 14 days) remain to lodge an application this month for DGST ( as of today, 17 July 2020).
Should you have any further queries please contact our customs brokers directly