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.