The TGA have begun issuing notices to sponsors for existing ARTG entries that have been assessed as eligible for an initial Annual Charge Exemption (ACE) under the proposed scheme. The new ACE scheme will replace the current low value turnover (LVT) scheme.
Between 1 July and 22 July (annually from July 2016) – sponsors must self-declare that entry had $0 turnover in the previous financial year in order to maintain the exemption for each entry. The sponsor may notify the TGA of the commencement of turnover for that entry at any time during the year. This notification can be made online through the TGA Business Services site or submitted by completing a paper form by downloading a ‘Declaration of Low Value ($0) Turnover’ from the TGA website.
If a declaration is not received turnover will be assumed to have commenced and the annual charge for the prior and current financial year will be raised for payment by the TGA. As these dates are set in legislation, they cannot be negotiated.
If completed on time, the declaration will have the combined effect of:
- confirming the 2015-16 ACE on the entry; and,
- pre-qualifying the entry for ACE in 2016-17.
For more information regarding ACE Scheme contact us or go to the TGA website here
