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Prepare for import duty reductions now – effective 1st January 2015

In Announcements Customs Freight Posted November 11, 2014 at 10:16 am
By Magellan Logistics

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Further to our previous blog, this is a reminder that the duty reduction date is rapidly approaching us: 1st January 2015.

In essence, legislation was passed for a reduction to 5% in the general rate of Customs duty applicable to a range of  products, which in particular includes  garments, some home-wares and other made up textile articles that are imported into Australia from 1st January 2015.

If any goods that you import currently attracts a 10% rate of duty, that rate may now be reduced to 5%. Should you need clarification if your imported goods are subject to the duty reduction, please contact one of Magellan Logistics’ Customs Brokers on 1300 651 888.

If you have shipments planned to arrive towards the end of December 2014, and they are cleared before the 1st January 2015, then the current duty rate of 10% will apply.

Rather than delaying shipments until arrival after 1st January to gain benefit from the lower duty rates, we can assist by arranging to have your shipments held for a few extra days either in storage or “under bond”  (moved to a Customs approved warehouse/depot). The duty rate reduction will be applicable to any Customs declarations made on or after 1st January 2015, rather than on the date the shipment actually arrives in Australia.

Before making this commitment, we can assist in a costing exercise in weighing up the added storage, demurrage  & handling costs compared to the duty savings.

As this period will also impact over the traditional holiday close-downs for much of industry, storage is usually always at a premium across Australian ports. So if you intend to hold any of your shipments in storage for a short period to take advantage of the duty reductions, we suggest you let us know your plans as soon as possible, so we can make appropriate planning decisions in your best interests.

Please call 1300 351 888, email info@maglog.com.au, or contact one of our Customs Brokers or your Account Manager directly to further discuss the plans for this upcoming duty rate reduction.

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