Aussies - import tax on diamond ring and setting from US

[D2B]

Hi

Can anyhelpful Aussies (or anyone else for that matter) give me an idea of what percentage I need to calculate for a diamond ring and setting bought in the US and shipped to Melbourne. Your help would be much appreciated.

thanks heaps in advance

db

 

[Deelight]

If I recall correctly it is roughly 16.5% Honey and AJ are the experts on this

 

[arjunajane]

Hi D2B,

Dee is correct - it works out at about 16%, but it's a "staggered" amount..and
they also tax you on the shipping.

Basically, it's 10% GST plus 5% duty plus some processing fees.

Here's an example from Customs Au website that shows how to work
yours out more accurately:

Example 3: Import of goods (other than tobacco products or alcoholic beverages) valued above $1000AUD$

Customs value (Cval) 2000.00
Customs duty (Duty) @ 5% of Cval 100.00 (Payable)
International transport and insurance or postage (T&I) 150.00
Value of the Taxable Importation (VoTI) (Cval+Duty+T&I) 2250.00
Goods and Services Tax (GST) @ 10 per cent of the VoTI 225.00 (Payable)

Total payable Duty + GST 325.00


and here's the link if you'd like further info
customs

ETA: the taxes are different if you're importing a setting without a stone in it, and vice versa (just in case). The example above would be for a finished ring.
hth!

 

[D2B]

thanks so much.

i thought it was around 20%, so 16.5 is looking good.

Well, off to do some more research with the vendors.

thanks again
db

 

[Lorelei]

Good work Bruddahs!!!