The Mid-North Coast NSW Business Chamber said it supported the proposal by NSW Treasurer Mike Baird to lower the GST threshold on overseas retail purchases to recoup lost GST revenue and provide a fairer playing field for local retailers.
The NSW Business Chamber supports lowering the threshold as long as it is economically feasible and does not end up costing more to implement than the revenue it would generate.
“The high GST threshold on overseas retail purchases is a tax loophole that is hurting Australian retailers and local jobs. It needs to be shrunk significantly to give Mid-North Coast retailers a fair playing field,” said Kellon Beard, Mid-North Coast NSW Business Chamber Regional Manager.
“The retail sector is a big generator of jobs in the Mid-North Coast; we don’t want to see a tax loophole costing local jobs.
“Nobody likes paying tax but, as online purchasing grows, we will see more and more GST revenue sacrificed that could be invested in schools, roads, public transport and hospitals, and local retail jobs disappear due to the unfair advantage given to overseas retailers.”
Mr Beard said retailers were already facing many challenges as they come to grips with the growth and popularity of online retailing but this was a clear case where overseas retailers have been given an unfair advantage over Australian retailers.
“We need to give our local retailers a fair go when it comes to competing with overseas retailers.”
