Banknotes fall into the category of Non-taxable importations – see item 26: Goods, other than tobacco, alcohol and bulk orders, with a value less than an amount prescribed by by-law (currently at or below $1,000). If you are importing banknotes with a value of over $1000, you have to pay GST – currently 10%.
Paying GST on imported goods
The Australian Customs and Border Protection Service (ACBPS) collects GST on taxable importations. The GST payable is 10% of the value of the taxable importation.
The value of taxable importation is the sum of:
- the customs value of the goods
- any customs duty payable
- the amount paid or payable to transport the goods to their place of consignment in Australia
- the insurance cost for that transport
As you can see, GST is paid on the whole package. In the (probably unlikely) event that you can split your consignment into smaller parcels, you may be able to avoid this dilemna. The paper work is not complicated. You will be required to fill in an import declaration form, probably an Import Declaration (N10 – Post (Form B374) – find details here.