Decision on GST changes remain on hold for Christmas leaving retailers disappoin

 In Australia, NewZealand
The decision to close the GST loophole on imported goods valued at less than $1000 has not been made; instead has been delayed until March next year.
This comes after Federal Treasurer Joe Hockey met with state treasurers on Wednesday to discuss lowering the GST threshold for online purchases.
NSW Treasurer Mike Baird said while no there was no decision; progress was made with all the state treasurers uniting in the push for a lowered GST threshold.
“The fact is the tax treatment of goods bought online from overseas is a relic from the days when few people shopped online,” he said.
“Now it is growing by between 10 per cent and 15 per cent each year and we think it’s time that we bring our tax system into the modern age.”
Baird said the latest ABS estimate is that there is between $650 million and $702 million annually the states are not receiving indicating a “leakage in the system” needs to be rectified in the interest of “struggling retailers”. Retail Biz – Read more…



Recent Posts

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.