Australia's GST (Goods and Services Tax) rules on the import of goods into Australia by foreign companies is set to change from 1 July 2018. This change comes as Australia continues to update its tax laws to make them more applicable to the new business models that have sprung up in the era of the digital economy.
Jamie Towers, Tax Partner at Hanrick Curran in Brisbane comments: "At the moment, foreign companies importing and selling goods to Australian consumers do not have to charge GST unless the value of the goods they are selling is over AUD $1,000. However, sales of any value by a foreign company will be required to add GST from 1 July 2018."
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