House of Representatives
Treasury Laws Amendment (GST Low Value Goods) Bill 2017
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Scott Morrison MP)Glossary
The following abbreviations and acronyms are used throughout this explanatory memorandum.
| Abbreviation | Definition |
| ABN | Australian Business Number |
| Commissioner | Commissioner of Taxation |
| GST | goods and services tax |
| GST Act | A New Tax System (Goods and Services Tax) Act 1999 |
| ITC | input tax credit |
| ITZ | indirect tax zone (broadly, Australia, excluding those geographic areas where the GST does not apply, such as the external Territories) |
| Intangibles | things other than goods or real property |
| Low value goods | goods with a customs value equal to or less than the prescribed amount of $1,000 |