If you’re working as an importer-exporter in Australia, you might find that you love the job. It can potentially be quite profitable, and you may discover that you have an aptitude for it. You usually need to be a people person, but you must also know how to adapt quickly to developing situations, as there are a number of challenges that can arise at any time in this profession.
There are some notable rules that go along with importing goods into Sydney, for instance, if you decide that’s going to form the backbone of your business model. Let’s talk about some laws that you should know about if you’re getting into this field, and Australia will be your base of operations.
Covered Topics
Import Regulations
You can bring in goods from overseas if you’re doing import-export in Sydney or in Australia in general. For the most part, the laws surrounding bringing in goods are reasonable and coherent.
However, there are quarantine procedures in place in regard to certain goods. There are permits that you need to handle other commodities. There are duty taxes as well.
If you happen not to follow any of the import regulations the government has in place, then the Australian Departments of Immigration and Border Protection can seize a shipment. Know about the duty taxes, quarantine procedures, and permits that exist for the goods you’re bringing in, or your business can grind to a halt.
Classification
You need to know the classification for the goods that you’re bringing in or shipping out. This relates directly to the tariffs that are due on them.
The World Trade Organization sets these tariffs, so you’ll need to familiarize yourself with this entity and how it operates. If you ignore these regulations or try to get around them, you’ll likely find that you do not want to get on the WTO’s bad side. You must also learn to make declarations regarding what you’re shipping out or bringing into the Australian Border Force.
Free Trade Agreements
Free trade agreements are also in place. As someone in the importer-exporter industry, you must learn all about these as well.
There are six free trade agreements that Australia has made with other countries. Eight more are currently being discussed.
You should learn about not only all of the existing ones but about the additional ones that might come to pass in the immediate future. That information will come in handy as you’re figuring out what you want to either bring in or send out that makes the most sense based on its profitability margin.
Australia has several natural resources that are in demand elsewhere in the world, and its needs as far as bringing in goods are perhaps even more pressing. If you get into importing-exporting there, you may find yourself becoming part of a growth industry that will only become more robust as the months and years pass.
Just make sure that you’re aware of and follow all regulations and laws in this area.
