Hydrocare Pool Services Pty Ltd offer 30 years of experience in aquatic industry features, products and water treatment. Hydrocare Pools has undertaken water treatment for aquatic centres and…read more
Australian Sporting Goods Association welcomes impending scrapping of Low Value Tax Threshold
The Australian Sporting Goods Association (ASGA) has welcomed Australian Treasurer Scott Morrison’s introduction of a Parliamentary bill to scrap the Low Value Tax Threshold.
The Treasury Laws Amendment (GST Low Value Goods) Bill 2017 will scrap the Low Value Threshold and require overseas online retailers to register for GST with the Australian Tax Office (ATO).
These retailers will then have to charge Australian consumers GST at the point-of-purchase, and remit the GST back to the ATO – the same way Australian retailers have to.
From 1st July 2017, when the new laws will come into effect, overseas competitors, according to ASGA Executive Director Shannon Walker, will no longer have an unfair competitive advantage over Australian retailers.
Walker explains “ASGA has been at the forefront of working with the Federal and state governments to reduce the low value threshold and provide a level playing field for Australian retailers.”
As noted by Treasurer Morrision in his speech in Parliament today, “importantly, this Bill also tackles the growing risk that the current arrangements pose to the integrity of the GST base. With the continued growth and normalisation of cross border shopping, we cannot afford to simply ignore the impact of these outdated arrangements on the tax system.
“As a result of the reforms being introduced today, low value goods imported by consumers will face the same tax regime as goods that are sourced domestically.
“This is how a fair and modern tax system should work and I am proud that Australia is taking the lead in this respect.
“We now live in a world where online cross-border shopping is a normal and often daily activity for many Australians.
“This reform to Australia’s GST is a significant world first but it is consistent with the direction of international tax policy in this area.”
However, ASGA is concerned as to how Australian Government will enforce the legislation on overseas retailers, including potential penalties for non-compliance.
As Walker explains “we’d also like to know the process by which the ATO will target specific overseas retailers and what opportunity the sporting goods sector will have to identify overseas competitors to be targeted.
“ASGA will continue to work with all sides of politics to ensure this important legislation is passed in a timely manner. We will also consult with Treasury about how the legislation will be implemented and enforced.”
Lower image: Shannon Walker
23rd November 2016 - NEW FOOTBALL STORE TO COMPETE WITH OVERSEAS ONLINE RETAILERS
24th October 2016 - ASGA JOINS ANTI-COUNTERFEIT BUSINESS LOBBY GROUP
27th September 2016 - FEDERAL GOVERNMENT ANNOUNCES PARTIAL BACKPACKER TAX REVERSAL
29th April 2013 - ASGA BACKS CALLS FOR POLITICAL SUPPORT FOR AUSTRALIAN RETAILERS
22nd April 2013 - ASGA HIGHLIGHTS DANGERS OF PARALLEL IMPORTING
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