Australia is launching a new goods and services tax (GST) for overseas sellers of low value items which will take effect from 1 July 2018.
This week the government finally admitted that their proposed timetable for Making Tax Digital (MTD) was too ambitious.
Instead only VAT registered businesses will be compelled to use the new system from April 2019 and only for the submission of VAT returns. Since most VAT returns are already filed online on a quarterly basis already this will not be a huge change.
The smallest businesses will be able to opt-in to MTD, and larger businesses (with turnover over the VAT registration limit) will only be required to carry out quarterly filings for other taxes from 2020.
We expect more to be announced on these changes after Parliament returns from the Summer break and will keep you updated with developments.