GST on LVT Update

July 1, 2018 is approaching quicker than we would all like in some cases.

This is the date that has been set for the commencement of the collection of GST on the imports of goods that fall under the "Low Value Transactions" umbrella.

There has been much discussion, of which the CBFCA has contributed, as well as reviews by the Productivity Commission (PC) upon referral by the Government.

The results of the recent review to assess the most appropriate collection model were handed down on October 31 and released to the public on November 9.

To keep members informed of these developments we refer you to an article, "GST collection model for low value transactions passes test", published by Andrew Hudson, Rigby Cooke Lawyers, in which he has made reference to the highlights of the report and provided appropriate commentary.

Members should also be aware that the CBFCA has conducted a number of webinars on this issue and these are available to members via the CBFCA's college web site at www.italc.edu.au