GST Low Vale Goods - formal inquiry established

Further to our prediction of a legislative review as outlined  in FTA / APSA Weekly Report 2017/11, we can now confirm that the Selections of Bills Committee  has referred the Treasury Laws Amendment (GST Low Value Goods) Bill 2017 to the Senate Economics Legislation Committee for a formal inquiry.
 
The inquiry has been tasked to report by 9 May 2017 with a focus on:

• the detail and implementation of the measures;

• stakeholder feedback on the measures;

• the extent of the market that will actually be captured by this tax; and

• the ability of the Australian Taxation Office to collect this tax.

 
The committee will be seeking further submissions from affected departments, online retail platforms, "bricks and mortar" retail platforms, tax academics, logistics companies and consumer / business lobby groups.
 
Whilst we see merit in the inquiry and the above terms of reference, this will leave industry with an even shorter window to prepare for implementation between the eventual passing of the Bill (with any amendments) and a 1 July 2017 "go live" currently being pursued by the Federal Government.
 
We encourage members to continue planning for this implementation timeframe and a reminder that theATO has agreed to review specific scenarios raised by Freight & Trade Alliance (FTA) members (and their clients), providing advice on how to comply with the new procedures as outlined in the Bill as it currently stands  ... read more
 
Further information: 

• FTA Preliminary Submission

• Selection of Bills Committee – Report No. 3 for 2017

 
Paul Zalai – FTA / APSA