Most of you know that GST is payable on taxable importations. The GST portion is normally collected by Customs. The example below illustrates how you can input offshore invoices and GST charged by shipping agents.
Importer Pty Ltd purchases goods from a foreign country for $100,000. The freight forwarder will be collecting the GST on behalf of Customs.
Enter the transaction with the foreign company.
Enter the GST invoice from the freight forwarder.
This will reflect in the Business Activity Statement (BAS):
The Trial Balance will reflect the following:
