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Wednesday, 23 November 2011
Page: 13563

Mr SHORTEN (Maribyrnong—Assistant Treasurer and Minister for Financial Services and Superannuation) (11:25): I move:

That this bill be now read a second time.

This is the second of the bills that deliver on this government’s commitment to reduce business compliance costs for businesses dealing with goods liable for excise and excise equivalent customs duty.

This bill amends the Customs Act 1901 to codify administrative arrangements relating to periodic settlement permissions in relation to customs duty.

The amendments establish a flexible seven-day permission cycle for the giving of returns and the payment of excise equivalent customs duty. When the seven-day permission is for gaseous fuels, the permission holder may give their return and pay customs duty up to six business days following the end of the seven-day period.

Additionally, small business entities, prescribed persons and producers of prescribed goods will be able to apply for a permission to defer their customs duty settlement to a monthly reporting cycle.

Full details of the amendments in this bill are contained in the combined explanatory memorandum.

Debate adjourned.