Deferred settlement of excise and customs duty

The Excise Amendment (Reducing Business Compliance Burden) Act 2012 and the Customs Amendment (Reducing Business Compliance Burden) Act 2012 received royal assent on 15 April 2012.

The Acts:

• determine the frequency of settlement periods
• allow eligible small businesses to defer their settlement of excise and excise equivalent duty to a monthly reporting cycle with settlement due the 21st day following month end
• enable businesses that are not eligible for the small business concession to apply for a specific seven day settlement period with duty to be paid on the first business day following the end of the settlement period
• provide clients dealing in gaseous fuels, who are ineligible for the small business concession, with the ability to settle their excise or excise equivalent duty on or before the sixth business day following the seven day settlement period of their choice.

This initiative was announced in the Budget Papers 2007-08 and draft legislation was released for public comment on 17 October 2011.

The changes take effect from 15 April 2012.

Media release

For more information, refer to the following:

• media release no. 045 issued 8 May 2007 by Minister for Revenue and the Assistant Treasurer
• joint media release no. 053 issued 13 May 2008 by the Treasurer and Assistant Treasurer.

Legislation and supporting material

Refer to:

• Excise Amendment (Reducing Business Compliance Burden) Act 2012
• Customs Amendment (Reducing Business Compliance Burden) Act 2012
• Explanatory memorandum.

More information For more information, refer to: Guide to small business entity concessions Australian Government Budget Papers 2007−08.