Heritage bank business credit card. The limits, fees and need-to-knows
If you’re on the hunt for a suitable business credit card in Australia, there are several offerings available. A mutual or ‘customer-owned’ bank, Heritage...
Everyday thousands of personal and commercial goods are imported into Australia. Depending on what you’re bringing in and why, you may need an import permit to be able to bring your shipment into Australia.
In this article we’ll take a look at Australian import permits and licences, including when you need one, how to get one and what it costs. We’ll also introduce you to the international payment services offered by Wise.
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In Australia there’s no requirement for businesses or individuals to hold a licence to import goods into the country.¹ That being said, there are strict importation regulations and some goods require a permit for them to be cleared in by customs.
Permits are granted by the Australian Government Department of Agriculture, Water and the Environment.² It’s managed through the Biosecurity Import Conditions (BICON) system.
To see if you need an import permit you can search for your goods on the BICON website to see if something comes up.
Here’s a few examples of some of the items that generally require a permit to import them into Australia.³
If your goods require an import permit you’ll need to be granted one before the shipment arrives in Australia.²
To obtain a permit, start by registering for a BICON online account.² You then apply for the permit through the portal by following the prompts.
Under the Biosecurity Act 2015 and Biosecurity Regulation 2016, the department has up to 123 business days (6 months) to process your application.² The good news is that most applications are processed within 20 days.
If your permit is denied you have the right to seek a review of the department's decision.² Your BICON account will indicate the best contact point for you to send a request for a formal review, as well as the criteria for making the request.
When you apply for a BICON permit there's an application levy of $120 as well as an initial assessment fee.⁵
The initial assessment fee is based on the category of goods you want to import. This is because the higher the category, the longer the processing time generally is. You can see the expanded list of categories here⁵
Category | Initial Assessment Fee |
---|---|
Category 1 | $60 |
Category 2 | $120 |
Category 3 | $240 |
Category 4 | $360 |
Category 5 | $480 |
For every 15 minutes or part thereof that your assessment goes over the initial assessment period there's a $30 service fee.⁵ The Australian Government advises that submitting an accurate application with all supporting documents will help you to avoid this fee.
If you need to vary the information in your permit application there may be additional fees that apply.⁵
Obtaining a BICON permit is just one part of importing goods into Australia. Here’s a few other things you’ll need to be aware of if you going to import something into the country.⁴
Depending on how much experience you have importing goods, you may want to consider employing a customs broker to help you out with the process.
If you needed a permit to import your goods but didn’t get one, your shipment won’t be cleared to enter Australia. Instead, it will be direct for export back out of the country or be destroyed using an approved method.²
If you’re looking for further information regarding importing goods into Australia or obtaining a BICON permit you can take a look at these government resources.
As we mentioned earlier, you could also look at hiring a customs broker or alternatively speak to an experienced shipping company.
If you’re importing goods into Australia it’s likely you’re making international business payments in foreign currencies as part of your personal or professional life. Wise is a secure online financial provider who specialises in sending money abroad and may be able to help you save on fees and poor exchange rates.
Using Wise you can send money to 80 countries around the world for up to 8x cheaper than the banks. There’s no hidden fees and your money is exchanged using the real exchange rate, just like you see on Google.
The Wise Multi currency account enables you to convert and hold 53 currencies through a single account. You’ll get local details for 10 of those currencies including AUD, GBP, USD and EUR, and there’s no monthly account fees to worry about. You can also order a Wise debit card, which automatically converts your money for easy international spending.
For companies and freelancers, the business account has the same great international transfer capabilities with additional business tools such as batch payments and accounting integrations.
If you're curious to see how Wise could benefit you then take a look for yourself - creating an account can be done in minutes.
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Sources:
Sources checked on: 21 May 2022
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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