It’s important to be aware of the potential tax implications when importing parts for foreign-owned superyachts into Australia.
Tax leakage can occur if proper due diligence and planning are not taken into account. Unfortunately, it’s often not possible to claim a refund once the tax is assessed and paid.
We’ve witnessed situations like this occur many times over the years. The good news is there is not much effort required to avoid such situations occurring!
To avoid tax leakage, it is recommended to speak with a licensed Customs Broker prior to any parts and accessories being dispatched to Australia.
Once you have appointed a customs broker, instruct all overseas suppliers and their chosen shipping partners to pass commercial documents to your nominated customs broker, who will attend to the lodgement of a Customs Declaration.
Following this path will not only serve to far reduce the chances of tax leakage, but it will also reduce the chances of Customs delays at the border as well as the chances of wharf and airline storage costs accruing.
If you require any assistance with international shipping or are seeking advice, we’ll be happy to hear from you. Our in-house customs brokers are highly skilled and experienced when it comes to managing the tax-free importation of parts and accessories to be used in the refit of a foreign-owned superyacht.