I am not sure if I have valued the goods correctly. What can I do?

• There is a complex procedure for valuing goods set out in the Customs Act which requires steps to be followed in strict order. You must attempt to follow the procedure in the Customs Act before requesting a valuation advice.
• If you are unable to determine the correct value for your goods or are unsure whether you have reached a correct valuation you can submit a valuation advice application to Customs.
• A formal valuation advice can only be given where:
  • evidence is provided of a firm intention to import;
  • the application provides sufficient information; and
  • the application contains an explanation, with reference to the Customs Act, of the valuation issues involved and the reasons for the applicant’s proposed valuation method.
• The application must include:
  • a description of the goods and identification of the parties to the importation or transaction (explaining their roles where relevant);
  • identification of all relevant contracts, agreements or arrangements and which portion of them is relevant to the transaction;
  • explain the financing and payment arrangements (if relevant); and
  • set out the relevant provisions of the Customs Act that the applicant has considered along with detailed reasoning about the claimed issue.
• Each application must be for a single valuation issue.
• The applicant is indemnified from penalties for underpaid duty from the time when the application is submitted to the time when Customs makes its decision. This can take 30 days but may be extended where Customs requires the applicant to provide further information.
• Customs will provide its opinion as to the correct valuation of the goods. Once made, the valuation advice becomes binding and payments must be made in accordance with it.
• Given the complexity of valuation issues and the application process you may wish to engage a licenced broker or experienced customs lawyer to assist you. Our free Find a Lawyer directory provides contact details for lawyers who may suit your needs.