Prevention is better than cure
Recently we have seen a trend of the Department of Home Affairs (DHA) making trade enforcement one of their key operational priorities.
Earlier this year, a Melbourne based import business was required to pay almost $2 million in penalties and recovered Duty and GST.
This was the outcome of an investigation by the DHA into the undervaluation of imported pre-galvanised steel products from a number of different countries.
Currently within your business, what independent assurance do you have to provide you with comfort that you are compliant?
Are you confident that your Customs Brokers / agents are acting in your best interests and paying the correct amount of duty and GST?
It is surely not worth waiting a visit from the DHA to highlight any weakness and then find yourself subject to possible penalties and infringement notices.
To provide you with the assurance and comfort that your business needs, our Customs and Global Trade team is currently offering a complimentary, no obligation assessment and Compliance Health Check. On receiving your signed letter of authorisation, utilising our data analytics we will be able to provide you with a visual overview of your past four years of import and export data.
The free compliance health check will provide you with valuable insight into your trade activities.
Our aim is to provide you with significant cost savings whilst ensuring compliance.
A review is completed of all the key factors that affect the customs duty and GST exposure of your cross-border transactions.
Some of the key factors we will look at include; tariff concessions, tariff classification for import and export, customs valuation, Free Trade Agreements, Country of Origin and preference.
As part of the review we will consider overpayment as well as past errors and underpayment of duty – to assist in eliminating risks and their associated penalties, which have exponentially increased in recent years.
Our Customs and International Trade Experts are highly experienced in Australian and New Zealand Customs Taxation and duties.
To deliver relevant, up to date advice to clients, our team regularly reviews government policy, legislative changes and related court cases and precedents.
Following the Compliance Health Check, we will provide a long-term improvement strategy to help your organisation maintain customs compliance and maximise refund opportunities.
By identifying and mitigating risks, and developing an improved compliance framework for the future, your business can save on customs duty and related taxes.
Ensure peace of mind and book in your free Compliance Health Check with one of our Customs and International Trade Experts today.
As they say, prevention really is better than cure!
For more information, and for an introduction to our Customs and Trade team, speak to your adviser.
Manager – Global Trade and Customs