Consultation on low value turnover exemption (LVT) scheme

The low value turnover (LVT) scheme will be replaced by the Annual Charge Exemption (ACE) scheme on 1 July 2015. For information on the new ACE scheme, including the transitional arrangements in place for entries previously granted LVT exemptions, see: ACE Scheme.

The TGA has commenced a policy and operational review of the low value turnover exemption (LVT) scheme. The first stage is the release of the Review of the Low Value Turnover Exemption Scheme consultation paper.

Discussion and options are presented in the paper to generate feedback. It is acknowledged that changes to the LVT scheme would have varying impacts across individual sponsors.

Given the potential impact on a broad range of charges, sponsors and products, it is important that each sponsor consider the impact of the current LVT scheme on their product/s and the potential impact of changes to the LVT scheme.

Any questions relating to submissions should be directed to the Regulatory Integrity Section by email to lvtconsultation@tga.gov.au or by telephone to 02 6221 6933. Submissions are due by 5:00pm on 23 May 2014.