The contract does not include freight and insurance amounts, for example, a Free On Board (FOB) contract. I do not want to use the ten per cent uplift option as described in DIBP Notice 2016/33. What options do I have?
Although GST-registered importers are able to make use of the ten per cent option for imports that do not include freight and insurance amounts, they are under no obligation to do so. If you do not want to calculate the value of the taxable importation (VoTI) in this case, you can use the actual overseas freight and insurance amounts if they can be obtained, or estimates of these amounts.
When you know the actual amount for the combined freight and insurance—but not the individual actual freight or insurance amounts—you can apportion the actual combined amount using any combination.
Where you use an estimated amount it should be soundly based and closely approximate to the amount actually paid or payable. Such an estimate would usually be based on freight and insurance amounts for comparable shipments, or reputable commercial quotes. However, if you discover actual amounts at a later date, and the estimate is found to be inaccurate to a material extent, you must amend your import declaration to reflect the correct amounts.