Further to yesterday's update on the Treasury Laws Amendment (GST Low Value Goods) Bill 2017, Freight & Trade Alliance (FTA) has received the fiollowing update overnight from the Australian Taxation Office (ATO):
"I can confirm the legislation is final. The GST on Low Value Imported Goods legislation has passed through Parliament and today it received Royal Assent. The vendor collection model, as per the law, will apply from 1 July 2018 and is not conditional on the outcome of the PC inquiry. As discussed the PC Inquiry was an amendment by the Opposition.
As stated by the Treasurer the Government's policy of a vendor collection model has not changed.
Given the law is now in place and combined with the Treasurer's clear statement I trust this provides certainty for business to now move forward and implement systems to meet the legislative requirements that will commence on 1 July 2018."
FTA has been instrumental in achieving the postponed implementation from 1 July 2017 to 1 July 2018. While we will continue involvement in the Productivity Commission review, members and their clients are well advised to progress implementation of the reforms to be ready for implementation in 12 months' time ... read more