If you’ve been copping cheap sneakers off Urban Outfitters, vinyl from Juno Records or cheap clothes from ASOS, well it might be time to purchase as much as you can before the Australian government add 10% to all your online purchases. Heads of government met today and while no specific details have been confirmed, everyone is apparently in agreement that the tax-free threshold for overseas purchase should be lowered.

The proposed tax reform agreement will no longer allow Australians to avoid paying a 10% goods and services tax when they shop from overseas online retailers. Currently if your purchases are at or below $1,000 then they can be non-taxable importations, but the new principle is likely to add 10% GST to all purchases over $20.

Choice, a consumer advocacy group believe that changing the GST-free threshold to below $1000 would not create more revenue as it would cost the government more to collect the tax. Australians could see a significant increase in price for small purchases. “Various collection fee proposals would add costs of between 27% to 256% for purchases under A$100, at worst turning a A$20 book purchase into a A$72 purchase,” Choice wrote in its paper.

This new tax reform however has gained support by Australian retailers who strongly agree with the proposed changes. CEO of the National Retail Association Trevor Evans said, “If those loopholes aren’t closed, the disadvantage faced by Aussie businesses would increase.”

The finer details are to be discussed by the treasurers shortly, but fingers crossed they rethink this tax reform agreement otherwise we’ll all be broke.

[Via.]

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