AUSTRALIAN TRUSTED TRADER UPDATE (ATT)

Article By Newsletter on 14-06-2016

 AUSTRALIAN TRUSTED TRADER UPDATE (ATT)

In the May Budget the Government announced funding for the Australian Trusted Trader program to move from the pilot stage to the live stage effective from the 1st July 2016. They also announced that approved Trusted Traders will receive deferral for their duty payments effective from financial year 2017-18.

Whilst the program will go live from 1st July 2016 the real benefits to Trusted Traders who import will be determined in the 12 months. The question that everyone would like to know is how will the Import Processing Fees (click here) that are currently charged per customs entry, will be charged to approved Trusted Traders who can report all their imports for a given month on one periodical return. The Government must provide some cost incentive for importers to enter the program whilst at the same time they don’t want to lose this current revenue stream. It will be interesting to see how this develops. 

We recently attended a webinar in relation to ATT and have listed the key points below:

From the Pilot Program the ABF realised that the Self Assessment Questionnaire and the Agreement itself are to complex. New documents have been issued and are available by clicking here and here


An Information Pack will be made available from the ABF website prior to the go live date

The accreditation process is quite rigorous and require a signification commitment from the applicant


If you have an interest in applying for the Trusted Trader program please contact Paul Walsh at CFL for further information.