Changes are coming to GST
Make sure your business is ready from 1 July 2018…
From 1 July 2018, the goods and services tax (GST) will apply to retail sales of low value physical goods ($1000 or less) that have been imported to Australia and sold to consumers. The existing processes to collect GST on imports above $1000 at the border are unchanged.
What does this mean for my business?
If your business meets the $75,000 GST registration threshold and sells low value physical goods that have been imported, you’ll need to:
- ensure you are registered for GST
- charge GST to customers on low value imported goods (unless they are GST-free)
- lodge a return to the Australian Tax Office (ATO).
- Check out the ATO’s website to learn more about GST on low value imported goods.
- Learn more about GST and how to register your business for GST.
Original article appeared first at Business.gov.au >