Q3 )Goods imported into Australia are assessed for valuation purposes on their F
ID: 1106312 • Letter: Q
Question
Q3 )Goods imported into Australia are assessed for valuation purposes on their FOB value. This value a) includes freight and insurance b)excludes freight and insurance but includes GST e)excludes freight and insurance Q4)Australia uses the FOB valuation method Thailand uses the CIF valuation method .Both countries are members of the WTO and signatories to the valuation agreement a)This dose not matter because each country is allowed to choose any valuation method they want. This is the sovereign country principle of the WTO agreements b) Because Australia respects the WTO agreements it choose a valuation method that was fully compliant. c)Because Thailand respects the WTO agreements it choose a valuation method was fully compliant. d Both countries comply with the WTO agreement because valuation may be set on either basis eBecause of the discrepancy between valuation methods, Australia and Thailand will have to conclude and sign a Free Trade Agreement Q5)Who is the party responsible for making an import entry? a) customs broker b) airline oshipping line d importer Q6)An import entry for goods arriving by post must be made in cases where the value of the consignment exceeds AUD a)250 b)500 c)750 d)1000 e)1250 Q7)An import entry for goods arriving by air or sea must be made in cases where the value of the consignment exceeds AUD a)100 (1000) b)150 c)200 d)250Explanation / Answer
Q.3:- Goods imported into Australia are assessed for valuation purposes on their FOB value. This value
b) excludes fright & insurance.
Q.4:- Australia uses the FOB valuation method, Thiland uses the CIF valuation method. Both countries are members of the WTO & signatories to the valuation agreement
d) Both countries comply with the WTO agreement because valuation may be set on either basis.
Q.5:- (d) The importer is responsible for making an import entry.
Q.6:- An import entry for goods arriving by post must be made in cases where the value of the consignment exceeds AUD
d) 1000
Q.7:- An import entry for goods arriving by air and sea must be made in cases where the value of the consignments exceeds AUD
d) 250
Q.8:- (c) Australian custom service is responsible for the assessment of GST on import consignment in Australia
Q.9:- For the import, minimum diocumentation retention period for imported consignments expressed in years are
d) 4
Q.10:- For the customs broker or the service provider that cause an import entry to be made, minimum documentary retention expressed in years
d) 4 years
Q:- A sea way bill
(d) enables the buyer to controll of the goods
Q:- 3 critical factors required to arrive at the correct determination of duty payable on an import consignments
c. d) Duty payable, classification, valueation duty payable
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