The Treasury Laws Amendment (2017 Measures No. 1) Bill 2017 proposed that overseas vendors, electronic distribution platforms and goods forwarders account for Goods and Services Tax (GST) on sales of low value goods to consumers in Australia if they have GST turnover of $75,000 or more.
Following last week's REPORT on the House of Representatives process, the Senate passed an amended version of the Bill yesterday, Monday, June 19, 2017. Aligned with the key recommendation from the Freight & Trade Alliance (FTA) advocacy, formal submissions and appearance before the Senate Economics Legislation Committee, the Senate has included an amendment to delay the commencement of the legislation until July 1, 2018.
This amendment occurred after Labour and the Greens voted together on the delayed start.
The other amendment requires the Productivity Commission to hold an inquiry into the effectiveness of the proposed amendments and whether other models might be suitable. The Productivity Commission must report its findings by October 31, 2017 – for further detail please refer HERE.
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