Further to our member notice on 15 April 2020, it is once again timely for importers to consider the merits of the Deferred GST (DGST) Scheme.
Entities currently reporting on a quarterly basis and seeking admission to the DGST Scheme need to do so in the first month of any quarter (July being one of these months).
In recent discussions with Australia Tax Office (ATO) executives, we were advised that the above referenced notice led to an overwhelming number of DGST applications being lodged and subsequently approved by the ATO. In fact, this was the largest influx of applications seen since the introduction of GST in 2000.
We are pleased to confirm that the ATO has extended once again to Freight & Trade Alliance (FTA) the same assurances received in April this year. That is, DGST can be in place (linked in the Integrated Cargo System and ready for use) within 3-4 business days provided an entity first makes a change to monthly GST reporting.
Two weeks (14 days) remain to lodge an application this month for DGST (as of today, 17 July 2020).
We encourage our freight forwarder and customs broker members to bring this opportunity to the attention of importer clients, noting the time remaining this month to lodge an application for DGST. |
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