Much of the Federal Budget was focused on voters’ concerns for the upcoming elections, rather than specific import and border industry related issues. However, along with the imposition of GST on Low Value Imports, it notably makes provision for additional funding of $69.9M over four years to advance the Australian Trusted Trader Program (ATTP), beyond its current pilot program. The government predicts that the volume of goods crossing our borders is expected to increase by 14% in sea cargo and 26% in air cargo, in the 4-year period from 2014-15 to 2018-19.
Under the ATTP, businesses that meet or exceed international supply chain and trade compliance standards will receive priority treatment and other incentives. Benefits include a dedicated account manager; faster cargo clearances at the border; Mutual Recognition Arrangements with key trading partners; duty deferral and periodic reporting (from financial year 2017-18). This will offer the ability to defer Customs duty from payment at the time of importation, to payment on a monthly basis. The first businesses to enter into an Australian Trusted Trader agreement include: IKEA Supply AG; Pacific Brands Holdings Pty Ltd; Techwool Trading Pty Ltd; and Teys Australia Beenleigh Pty Ltd.
