As of 1 October 2016, some transactions between Australian and overseas businesses are no longer subject to Australian GST.
What are the changes?
- GST-registered importers no longer need to identify the exact amount paid or payable for international transport, insurance and other costs to calculate the value of the taxable importation for GST purposes.
- More supplies of services by Australian businesses to non-resident businesses will now be GST-free.
- Overseas businesses supplying or acquiring goods from Australian businesses may no longer need to be registered for GST and may cancel their ABN (after considering other Australian tax obligations