GST deferral scheme

It is an initiative that allows a business to pay GST when they next lodge an Business activity statement (BAS) with the Australian tax office (ATO) rather than each time they import goods or receive them from a licensed warehouse.

In order to participate businesses are required to:

• Be registered with an Australian Business Number (ABN)
• Be registered for GST
• Lodge and pay their BAS monthly online
• Correspond with Customs and Border Security services online
• Be free of any debt or outstanding returns to the ATO