Federal Treasurer the Hon. Joe Hockey MP addressed the Council of Small Business of Australia’s (COSBOA) National Small Business Summit this morning (Friday 17th July), viagra showing his support for small business, pharmacy and sharing his vision for the future, with a heavy focus on the Asian market.
During the session with association leaders and policy makers the Treasurer announced that action would be taken on collecting GST on overseas purchases, known as the Low Value Threshold, saying “We want a level playing field between small business and large business to ensure everyone pays their fair share of tax.
Mr Hockey stated his understanding that Australian small businesses are disadvantaged by the fact that GST is not collected from overseas businesses selling services and goods into Australia. He confirmed his commitment to make sure this unfairness is removed and that GST is collected on all purchases made from Australian consumers.
Peter Strong, CEO of COSBOA, said: “Treasurer Hockey has being listening carefully to what small businesses have been talking about, and you can see that reflected in the last budget.
“It gives a boost to small business confidence to see outstanding GST collected from all overseas sales. This sends a strong message to industry, and shows that as small businesses we’re valued. Booksellers, the sporting industry and the fashion and cosmetic industry will be especially pleased by this news,” said Mr Strong.
During his session, Treasurer Hockey remarked that Australia is in the perfect position to take advantage of the Asian market, due to it’s close proximity and time zone, saying: “China is a huge market, over 5,600 Australian small businesses are currently directly engaged with business in China and 3,000 have a physical presence in China.
“I wouldn’t expect that number to double in the years ahead as a result of our free trade agreements, I expect it to increase 10 fold or more,” finished Mr Hockey.
The Vodafone National Small Business Summit concludes today.
Keep up to date live on the Vodafone National Small Business Summit via the hash tag #NSBS15
For more information visit: www.nationalsmallbusinesssummit.com.au