$1000 Import Threshold 2017 Idiotion

fat and old
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Re: $1000 Import Threshold 2017 Idiotion

Postby fat and old » Fri Apr 21, 2017 5:14 pm

AUbicycles wrote:
A more effective approach would be the government reducing bureaucracy - the amount of superfluous administration and time consuming accounting to operate a small business is mind numbing.

I operate a small business (20 or less employees) and it's not actually. Maybe my industry is easy but my wife and I have no issues; this with 0 business experience prior.

Sorry about OT.... one of my peeves.

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Re: $1000 Import Threshold 2017 Idiotion

Postby uad782 » Sat Apr 22, 2017 10:42 pm

What would happen if Wiggle etc refused to collect the GST? Can the ATO reach that far?

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Re: $1000 Import Threshold 2017 Idiotion

Postby Ivanerrol » Sun Apr 23, 2017 6:01 pm

Abby wrote:
Has anyone seen any estimates of how many e-commerce sites are expected to fall into the '$75k annual turnover in Australia' threshold? I'm assuming that someone somewhere did some modelling to come up with the $75K figure as the threshold amount. I searched but couldn't come up with anything...

It's the standard $75,000 yearly figure.

If you operate a business or a small operator with a annual turnover less than $75,000 then you do not need to register for GST.
Your invoices do not add the GST 10% amount on.
The entity receiving the goods or services cannot claim back the GST on their 3 monthly GST statement as GST was not paid.

There are many small business's or one person companies who apply for an ABN without GST compliance because they fall under the $75.000 rule. Pensioners doing small works come into this category.

One of the issues for the government and ebay etc is there are many local sellers who stick to the blow annual $75,000 turnover figure to avoid the GST.
"Follow your passion - go Broke. Follow an opportunity get wealthy" - Mike Rowe - Dirty Jobs

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Re: $1000 Import Threshold 2017 Idiotion

Postby Ross » Sun Apr 23, 2017 8:23 pm

So how would the AU$75K currency conversion figure be calculated? Currency value fluctuates every day, even hour to hour. Would they say base turnover figures on last financial year's turnover (nett or gross?) and at what point in time would they do the currency conversion to see if it is under or over the AU$75K threshold?

A business might only turnover $70K last year so under the threshold but have a bumper year the following year and make an extra $10K...or the opposite and currently turnover $75K but then have bad year (because a heap of Aussies can no longer be bothered buying from them anymore due to GST...) and only turnover $70K the next year...but have charged what few remaining Aussie customers they have left the 10% GST.

So does the business then have to track down all these customers at the end of the financial year (where a number of them have moved etc) and refund them the GST (that it has already given to the Australian govt)?

Seems to be a lot of unanswered questions about this, especially considering it is just over 2 months away from implementation.

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