From 1 October 2016, overseas business clients may no longer be subject to GST.
Overseas businesses supplying Australian businesses do not need to register for GST if they only make GST-free supplies through an enterprise carried on outside Australia.
Further, they do not need to register for GST if they have a business presence in Australia of fewer than 184 days in a 12-month period, or have a GST turnover below the GST registration threshold of $75,000 – because certain supplies will no longer be included in the GST turnover.
“For your GST-registered importer clients, you do not need to identify the exact amount paid for international transport, insurance and other costs to calculate the value of the taxable importation for GST purposes,” the ATO stated.
Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more