Federal Budget 2016-17 | Customs Duty Deferral Scheme

By admin - May 4, 2016

From 1 July 2015, the government commenced a pilot program for businesses to achieve accreditation as an Australian Trusted Trader (ATT). The program is due to become fully operational from 1 July 2016.

As part of the Budget, the government has announced that the ATT program will include a customs duty deferral scheme similar to the GST deferral scheme. 

The aim of the ATT program is to recognise secure and compliant industry supply chain practices, including the streamlining and facilitation of trade and enhancing supply chain security.  

Businesses that satisfy the standards will be formally recognised as low-risk and accredited as ‘Trusted Traders’. This accreditation provides benefits such as faster processing of goods at Customs, delivering business efficiencies and savings and prioritised processing of ruling applications.

The inclusion of a customs duty deferral scheme as part of the ATT program is welcomed. Details of how the deferral scheme will operate are yet to be announced but it should enable importers into Australia to achieve cash flow savings as well as faster clearance of their imports.

 


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