A New Tax System (Indirect Tax and Consequential Amendments) Act 1999 (176 of 1999)
Schedule 2 Customs Act 1901
Part 1 Amendments commencing on Royal Assent
10 Subsection 162A(2)
Repeal the subsection, substitute:
(2) The CEO may accept a security given by a person for the payment of, or an undertaking by a person to pay, all of the following in relation to specified goods that are described in regulations made for the purposes of subsection (1) and that may be imported after a particular date or during a particular period:
(a) the duty, if any, that may become payable on the goods;
(b) the GST that may become payable on the taxable importation (as defined in the GST Act), if any, that is associated with the import of the goods;
(c) if a taxable importation of a luxury car (as defined in the Luxury Car Tax Act) is associated with the import of the goods - the luxury car tax that may become payable on that taxable importation.
If the CEO accepts the security or undertaking, a Collector may grant to a person who imports some or all of the specified goods permission to take delivery of the goods without payment of duty, GST or luxury car tax.