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Today’s Top Headlines

Australia Legislates For Low Value Import GST Reforms

by Mary Swire,, Hong Kong

20 February 2017

The Australian Government has introduced legislation to extend the goods and services tax (GST) to low value imports from July 1, 2017.

The legislation, introduced on February 16, requires overseas vendors, electronic distribution platforms, and goods forwarders with an Australian turnover of AUD75,000 (USD57,528) or more to register for, collect, and remit GST for low-value goods supplied to consumers in Australia.

Currently, low value goods – i.e. goods with a customs value of AUD1,000 or less – are generally not subject to GST when imported directly into Australia by the recipient.

Small Business Minister Michal McCormack said: "The Government understands Australians are increasingly shopping online from overseas vendors who are able to offer items without tax. This means goods they provide can be cheaper than those offered by Australian businesses giving an unfair advantage to foreign businesses. For many Australian small businesses, this has an impact on competitiveness as consumers flock to purchase cheaper imports."

TAGS: tax | small business | business | goods and services tax (GST) | Australia | tax thresholds | legislation | services

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