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Draft Legislation - Deferred Settlement of Excise and Excise-Equivalent Customs Duties

Date:

Monday, 17 October 2011

Content ID:

2193

Abstract:

The Treasury has released for public consultation, exposure draft legislation intended to provide businesses with greater flexibility in managing their settlement of excise and excise-equivalent customs duties.

The draft legislation will allow eligible small business entities to apply for a permission to defer their settlement of excise and excise equivalent customs duties to a monthly reporting cycle, as opposed to the existing standard seven day arrangement. Therefore, small business entities will be required to lodge only 12 returns per year, as opposed to 52 returns per year under the current arrangements.

The draft legislation will also allow eligible producers of goods prescribed by regulations to apply for a permission to defer their settlement of excise and excise-equivalent customs duties to a monthly cycle. The regulations are designed to ensure that existing monthly settlement arrangements for producers of certain petroleum products remain unchanged.

All businesses operating under the existing standard seven day settlement period, beginning Monday and ending Sunday, will become eligible to apply for a new weekly period, to begin on their preferred day. If a business's permission relates to gaseous fuel, the proposed changes will allow that business to give the Collector a return, on or before the sixth business day following the end of each 7 day period.

Making a submission

Interested parties are invited to comment on the proposed legislation. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated onfidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 4 November 2011

Address written submissions to:

The General Manager
Indirect Tax Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax: (02) 6263 4326

Email: ExciseComplianceBill@treasury.gov.au

For enquiries, please call Neil Russell (02) 6263 3226.

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Consultation Summary  38.94kb
Exposure Draft - Excise Amendment (Reducing Business Compliance Burden) Bill 2011  29.74kb
Exposure Draft - Customs Amendment (Reducing Business Compliance Burden) Bill 2011  31.24kb
Draft Regulations - Excise Amendment Regulations - Reducing Business Complince Burden  91.43kb
Explanatory Memorandum - Excise Amendment and Customs Amendment Bills  65.30kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Consultation Summary  889.55kb
Explanatory Memorandum - Excise Amendment and Customs Amendment Bills  307.21kb

Related Items:

Submissions: Deferred Settlement of Excise and Excise-Equivalent Customs Duties - 1/12/2011

Treasury received 12 submissions in response to the exposure draft on the settlement of excise and excise-equivalent customs duties. There were eight public submissions and four confidential submissions. The submissions that do not contain confidential material are listed below and are accessible by selecting the author.

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.

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