100% GST on Imported Goods: How To

Large imports are accompanied by an invoice from the importer. This will often be a logistics or freight company. Customs NZ looks at the $NZ value of the imported goods and issues an invoice for the GST portion of that. This GST is standard input and can be claimed in your next GST return. The invoice will also include processing and handling fees which need to be analysed like a normal invoice

The Invoice

 You need to split the invoice into the GST portion (GST on the fees + the big GST on the imported goods) and the gross value of the fees

It’s easiest to set the GST code to Exempt and the manually change the GST rate on the lines Standard

The GST

You can see from the cost allocation lines that we’re missing quite a large whack of the GST we need to pay. To deal with this we need to pop over to the GST Analysis tab

You’ll initially see the imported goods GST value in the Remaining Tax column. All you need to do is manually type that value in the Tax Override column on the GST on Imported Goods line

When that line is saved there shouldn’t be any values left in the Remaining columns. If you have something left in the Remaining Tax or Taxable sections, pop back to the Item details and check all your totals are correct