The Australian Border Force (ABF) is expanding the Australian Trusted Duty Deferral benefit to become Duty Deferral Plus. Duty Deferral Plus will further reduce regulatory burden and improve cash flows for eligible ATTs.
The ATT Duty Deferral benefit allows eligible Trusted Trader importers to defer the payment of duties collected by the ABF until the 21st day of the following month. Duty Deferral Plus will see this benefit expanded to include additional taxes and charges which include:
- Import Processing Charge
- Wine Equalisation Tax
- Luxury Car Tax
- Wood Levy and Agriculture Processing Charge
Following the month of importation, Trusted Trader importers will receive an invoice containing the liabilities owed on the 16th day of the month. On the 21st day of the month (or the next banking day), the import liabilities will be drawn from the importer’s nominated bank account. For example, duty on all applicable goods imported in March will be debited from the importer’s account on 21 April.
Trusted Traders who are already deferring duties will be contacted about arrangements to move to Duty Deferral Plus. Trusted Traders who are not yet deferring their import liabilities can speak directly to their Account Manager to express interest in signing up for the benefit.