Make GST change a priority: Baird

NSW has welcomed a federal government commitment to review the GST threshold on overseas purchases. Source: AAP

NSW Treasurer Mike Baird has urged Canberra to lower the $1000 threshold on overseas online purchases "as a matter of priority", saying the provision is costing the states hundreds of millions of dollars in revenue.

The federal government on Monday acknowledged the $1000 threshold at which GST is collected on goods and services purchased from abroad is high by international standards, but rejected calls for an immediate reduction.

Instead, and in line with the task-force that analysed the so-called "low value parcel processing", Labor will begin preparing business cases and possible implementation plans for reform, with a final response to be released in 2013.

Mr Baird welcomed Canberra's commitment to reviewing the low-value import threshold, but urged the federal government not to be complacent about the pace of reform.

Online growing was a growing part of the retail market, and the tax system needed to be brought into the "modern age to capture that", and provide local businesses with a level playing field.

"We have always said there is still some work to do in terms of how this can be administered in the most efficient and cost-effective way," Mr Baird said in a statement.

"However, this is not an issue that we can afford to be complacent about and we urge the Commonwealth to pursue as a matter of priority.

"Not only does the current threshold mean that states forgo over $600 million of GST revenue per year on transactions in goods and over $1 billion per year on transactions in services, but it also provides a tax advantage for foreign retailers."

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