Applying Gst To Low Value Imported Goods

From July 1, 2017, GST will be extended to low value goods imported by consumers. The intent of this measure is to ensure that low value goods imported by consumers face the same tax regime as goods sourced domestically.

Overseas suppliers that have an Australian turnover of $75,000 or more will be required to register for, collect and remit GST for low value goods supplied to consumers in Australia, using a vendor registration model.

This change still requires the unanimous agreement of the States and Territories.

Click HERE to download the full edition of The Business Accelerator Magazine for June 2016

Other articles in this edition:

• 2016 Federal Budget Highlights
• Personal Taxation
• Reductions In Corporate Tax Rate
• Access To Small Business Tax Concessions
• Increasing The Small Business Income Tax Offset (SBITO)
• Superannuation Changes
• Medicare Levy Low Income Thresholds for 2015/16
• Amendments To Division 7A
• Youth Employment Package - Bonuses For Hiring Young People & Interns
• SuperStream Deadline - 30th June
• Claiming Work Related Travel Expenses
• What Are The Acres Of Diamonds In Your Business?
• Starting A Business - Do The Numbers Stack Up?

IMPORTANT DISCLAIMER:This newsletter is issued as a guide to clients and for their private information. This newsletter does not constitute advice. Clients should not act solely on the basis of the material contained in this newsletter. Items herein are general comments only and do not convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of these areas.