Did you know there are proposed amendments currently before parliament that may affect overseas businesses with an Australian GST turnover of A$75,000 or more?
From 1 July 2017 overseas businesses may need to register for GST, charge GST on imported goods valued at A$1,000 or less that they sell to consumers in Australia, and pay the GST collected to us.
What will this mean for you?
The change would mean that if you’re registered for GST and buy low value goods from overseas, you’ll need to supply your ABN at the time of purchase so you won’t be charged GST. However, if you aren’t registered, or your purchases of low value imported goods are not for a business purpose, you’ll pay GST and won’t be able to claim back the GST.
We’ve published a Draft Law Companion Guideline and other guidance on our Let’s talk page. We’d like your input on how to administer these changes – consultation is open until 24 March.