Boat Importation Spreadsheet and Facts

[Aussie_Sequoia]

I just had it confirmed by the Oz Gov that a temporary import permit for fridges and aircon is $400. I guess one would have to weigh up the cost of re-gassing their equipment upon arrival compared to this permit fee.

[D&D]

Originally Posted by Dragon Lady

I doubt you will have any hassles with fridges.

The License to import a frig is only required (but it definitely IS required) if your vessel is registered in a company name.

[D&D]

Originally Posted by dennisail

The formulas will add any costs up you put in the columns so it is easy to add costs.

Thanks for posting that spreadsheet on importing a vessel. Looking quickly at it, however, we weren't sure whether it applied the GST on the Duty? If not, then it should do so. It is clear the GST is levied on the value of the vessel landed in Australia, including the Duty. Tax on a tax, unfortunately...

[dennisail]

Yeah I did set it up so it multiplied.

[Reefer.]

I know you'll never get away from death and taxes, but....

Why on earth do we put up with having to pay market-distorting GST on an imported secondhand yacht?

And why do we put up with paying GST on top of import duty?



If I was filthy rich, I would just register in the Bahamas, like certain well-off Aussie businessmen.

It makes me feel like going down to my local police station and asking to report the Govt. for aggravated theft and burglary, with intent to defraud.

[Dragon Lady]

Originally Posted by Reefer.

I know you'll never get away from death and taxes, but....

Why on earth do we put up with having to pay market-distorting GST on an imported secondhand yacht?

And why do we put up with paying GST on top of import duty?



If I was filthy rich, I would just register in the Bahamas, like certain well-off Aussie businessmen.

It makes me feel like going down to my local police station and asking to report the Govt. for aggravated theft and burglary, with intent to defraud.

As you say if you are filthy rich you don't have to pay taxes, it works that way in most countries not just Oz.

[Reefer.]

The insurance figure in the spreadsheet seems a bit high.

Why the 5% insurance of transaction value? That's as much as the import duty.

[dennisail]

Because that is how much ocean going insurance costs from a reputable company. If you don't like it, change the value!

This is the sheet I made before I imported my boat. Now I have actually done it, I should re do it to reflect the actual costs.

[Dragon Lady]

Yeah 5% is fairly cheap for Pacific crossing, it drops to about 2.8% when you get to Australian coastal waters.

[Reefer.]

Hi Dennisail,

I have no experience in purchasing ocean crossing insurance, but at 5%, there might be quite a few underinsured boats out there crossing oceans.

Thanks very much for the original spreadsheet, it helps to try out some different scenarios, all good for the preparation phase.

If you have the time, a new spreadsheet would be great!

How was the import process? Did you use a customs agent?

What about the time taken from date of contract to actually departing the port for Australia?

Did you buy from a broker?

Looking forward to some updated fees and costs you experienced along with any snags you encountered along the way.

[Factor]

Originally Posted by Dragon Lady

Yeah 5% is fairly cheap for Pacific crossing, it drops to about 2.8% when you get to Australian coastal waters.

I am paying less than 1% for an Australian Waters comprehensive policy from a leading well established company

[dennisail]

I have a pending insurance issue and when that is solved I will move to an Australian company.

And yes, there are many non insured boats out on the high seas. Probably the majority.

How was the import process? Did you use a customs agent?

It was easy with the customs agent. Worth the money. I had to get a new evaluation on my boat because it took me over 1 year from the purchase date of my boat.

What about the time taken from date of contract to actually departing the port for Australia?

This was months. Because, that is how it worked out for us. We purchased the boat while there on a business trip, and did not plan to go back to sail it home for several months. This is why we went over the 1 year and had to pay to get an evaluation which was much higher than what we paid for the boat.

We took 6 weeks to get the boat ready when we did return the USA, and this would easily be enough time to change the rego to Australian. Another guy on this forum claims it takes months to do the paper work. Although I did it from Australia, even with international shipping times it would have only taken a few weeks at worst. I found AMSA very easy and efficient to work with.

Did you buy from a broker?

Yes. And this made the paper work much easier. Removal from US coastguard etc etc. You may have more trouble with AU rego without one, and if you get back within one year you may also have more difficulty in using the purchase price as the import price. Just be aware boat prices here are tanking so be careful if you are in this to make a buck.

[Dragon Lady]

Originally Posted by Factor

I am paying less than 1% for an Australian Waters comprehensive policy from a leading well established company

yes you are quite right I'm paying about the same, 2.8% was for the crossing so 5% is a bit exie. Sorry for the confusion.

It will be interesting to see what happens now the Oz is heading south again.