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Customs valuation- private importations of motor vehicles



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HEWS. RELEASE 78/36 BACA

CUSTOMS VALUATION - PRIVATE IMPORTATIONS OF MOTOR VEHICLES

The Minister for Business and Consumer Affairs, Mr Wal. F i f e , today announced that the depreciation rates allowed in calculating the Customs valuation of motor vehicles imported by private persons have been reduced.

The Minister stated that the previous policy provided an over-generous rate of depreciation for the period of owner­ ship and use overseas which is unrealistic in present market conditions.

Mr Fife said that provided satisfactory evidence of money price paid overseas is produced to the Collector of Customs at the port of importation in Australia, value for duty in future would be assessed on the basis of 5% depreciation

from that price for the first month of ownership and use overseas and a further 1% per month for each subsequent month of ownership and use overseas.

A private person now owning a vehicle overseas or who has entered into an irrevocable commitment to purchase a vehicle overseas prior to the date of this announcement will be allowed entry under the old depreciation rates provided the Collector of Customs at the port of entry is satisfied as to the bona fides of the case.

The Minister drew attention to the fact that passenger motor vehicles under five years old are currently subject to import licensing controls. Mr Fife said that licences would be issued in those cases where a private person has owned and

used the vehicle overseas for not less than six months prior to importation into Australia.

CANBERRA, A.C.T

26 April 1978