Explanatory Memorandum
(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP and the Minister for Home Affairs, the Hon Brendan O'Connor MP)General outline and financial impact
Deferred settlement of excise and excise-equivalent customs duties
These Bills amend the Excise Act 1901 and the Customs Act 1901 to permit 'small business entities' to defer the settlement of excise and excise-equivalent customs duties from a weekly cycle to a monthly cycle. Additionally, these Bills clarify administrative arrangements for periodic settlement permissions.
Date of effect: Royal Assent.
Proposal announced: This measure was announced in the Treasurer's and the then Assistant Treasurer's joint Media Release No. 053 of 13 May 2008.
Financial impact :
| Revenue | 2011-12 | 2012-13 | 2013-14 | 2014-15 |
| Australian Taxation Office | -$1.0m | -$3.6m | -$1.5m | -$1.5m |
| Australian Customs and Border Protection Service | .. | -$0.4m | .. | .. |
| Impact on fiscal balance | -$1.0m | -$4.0m | -$1.5m | -$1.5m |
Note that .. means not nil but rounded to nil.
Compliance cost impact: The measure is expected to result in a small one-off transitional compliance cost with an ongoing, medium reduction in compliance costs for small business entities and gaseous fuel distributors.