Dear Valued Client,
We wish to advise that as of 1 July 2018, GST will be extended to low value imported goods with a customs value of A$1000 or less. Legislation has been passed to ensure GST is collected using a vendor collection model (“vendor model”) whereby vendors (including suppliers and online marketplaces) will collect the GST on low value imported goods at the time of sale.
“The Productivity Commission” will undertake a four month inquiry into models for collecting GST on low value imported goods. The inquiry is required to consider and make recommendations in relation to the effectiveness of the vendor model and whether other models for collecting GST on low value imported goods might be suitable. The Commission will hold hearings for the purposes of the inquiry and produce a final report by 31 October 2017.
Interested parties are invited to provide written submissions on matters relevant to the inquiry by Wednesday 30 August 2017. Please see below link for further information:
Please do not hesitate to contact or our brokerage department, should you require any further information.
ADM GLOBAL PTY LTD. +613 8336 0800