As part of the Federal Budget 2020-21 announcement and the Simplified Trade System Budget measures, businesses who are part of the Australian Trusted Trader program will be able to improve cash flows and reduce delays in moving goods.
The Periodic Payment benefit will defer payment of Australian Border Force (ABF) collected import taxes and charges on most imported goods.
The Assistant Minister for Customs, Community Safety and Multicultural Affairs, the Hon Jason Wood MP, said the change recognises the way modern businesses operate.
“Consolidating payments will free up more money for trusted Australian companies to do business and will further help businesses and the economy recover from the COVID-19 pandemic,” Minister Wood said.
From mid-2021, the Periodic Payment benefit will allow eligible Trusted Traders to pay on a monthly rather than transactional basis. It will affect the following charges: Import Processing Change, Wine Equalisation Tax, Luxury Car Tax, Goods and Services Tax (GST), Agriculture Processing Charge and the Wood Levy.
The Periodic Payment benefit extends the Duty Deferral benefit introduced to the program in 2018, with a single monthly payment.
“This joins a suite of other benefits which cut red tape, reduce regulatory burdens, and streamline processes for Trusted Traders. It is another reason why I’d urge businesses to sign up,” Minister Wood said.
The benefit will initially be available to Trusted Traders who defer payment of GST through the GST monthly deferral scheme.
The Australian Trusted Trader program recognises businesses with a secure supply chain and compliant trade practices, rewarding these businesses with a range of exclusive trade facilitation benefits.
Eligible Australian businesses who are not yet part of Australian Trusted Trader are encouraged to visit the ABF website, or submit an application to join the program. To find out more, and to join, visit www.abf.gov.au/trustedtrader.