Assistant Treasurer, Senator Rod Kemp, today announced details of arrangements to allow importers to defer payment of GST on imported goods.
The arrangements are designed to put importers on an equal footing, in regard to the payment of GST by a registered business on imported goods, compared with goods obtained locally.
"Participating importers will be able to account for the deferred amount of GST on their next Business Activity Statement", Senator Kemp said.
"The linking of the deferral scheme to the lodgment of the Business Activity Statement means that businesses will not be required to prepare or lodge separate documentation or make separate payments".
"In the majority of cases, the amount of GST deferred will simply be offset on the Business Activity Statement as a full input tax credit."
"This will minimise compliance costs for participating businesses."
The arrangements will commence on 1 July 2000 and will be open to all importers who are registered for GST, subject to certain eligibility criteria.
Senator Kemp said that it is anticipated that around 25,000 importers will seek admission to the scheme and that the deferral arrangements will cover more than 95% in value of total business importations.
The arrangements put in place will be in the form of regulations pursuant to section 33-15 of the A New Tax System (Goods and Services Tax) Act 1999.
Details of the arrangements can be obtained by contacting the Deferred GST Scheme Helpline 1300 130 915 and importers can apply to participate on-line on the ATOAssist web site located at www.ato.gov.au.
MELBOURNE
31 March, 2000
Media contacts: Richard Allsop Assistant Treasurer’s Office (03) 9650 7274
Barrie Russell Australian Taxation Office (07) 3853 4901
Tom Marshall Australian Customs Service (02) 6275 5068