JTM Cargo Management was privileged to be part of the last Australian Trusted Trader 2018 Symposium,at the Park Hyatt in Melbourne. Here there were not only discussions focused around how Trusted Traders will be able to exclusively access the new benefits and opportunities that could be pursued under the program but also JTM Cargo was officially welcomed into the program by Minister Taylor and ABF Commissioner, Michael Outram APM.
At The Symposium the Minister Taylor and Commissioner Outram announced five new benefits, as summarised below:
1. Duty deferral: improving cashflow and reducing delays at the border by enabling Trusted Traders who defer GST to be able to defer the payment of some customs duties on goods.
2. Origin Advance Ruling: a special advance ruling exclusively for Trusted Traders who import goods under the China-Australia Free Trade Agreement (ChAFTA),with preliminary findings indicating savings for one Trusted Trader of up to $1.6 million each year. This is currently being trialled by a number of Trusted Traders and will enable the ruling to be applied to multiple tariff classifications and rules of origin criterion.
3. Full implementation of the Republic of Korea Mutual Recognition Agreement (MRA): to improve predictability, certainty, and speed to market through an agreement between Korean and Australian customs administrations. This provides priority treatment of goods at the border through expedited clearance, reduced documentation, and cargo inspections, and minimises disruption to trade flows.
4. Implementation of a unique Trader Identification Number (TIN): making it easier and more effective for Trusted Traders to be recognised by MRA partners which will reduce red tape and improve the efficiency of the border clearance process. This requires standardisation of numbers globally and acceptance of the TIN by the systems used by MRA partners.
5. An even lighter touch at the border: Providing faster border clearance for Trusted Traders in recognition of the lower risk that they present at the border. This will enable the Department of Home Affairs and Australian Border Force (ABF) to have a greater focus on areas of greater or unknown risks.
The Australian Trusted Trader program clearly demonstrates how industry and government can work in partnership to address the growing complexities of the supply chain, e-commerce and technology and how to ensure the ongoing competitiveness of Australian businesses in international trade and as a foundation for the Australian economy.
For further information on how you can benefit from the ATT program and being a JTM Cargo Management customer. Contact us on 02 9223 4600.