Marine Insurance – Not Just for Your Cargo

What are the chances you will lose a shipment during transit?  Is it worth spending the money to insure it, especially if it’s a low value item?

The cost of losing your shipment may be a lot more than just the cost of your cargo.

A little known fact about maritime law is when you put your cargo on a vessel, you actually enter into a joint venture with the shipping line and every other Shipper with cargo on that voyage.

What this ...

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GST on Low Value Imports Expected Soon

For years Australian shops have complained that online or overseas retailers had an unfair advantage by not having to collect GST for sales made in Australia. Despite government reviews showing that the cost of collecting GST on low value imports would outweigh the revenue earned it was announced at the last Federal Budget that GST on all imports would be applicable from 1-Jul-17. If the Bill does not pass through Parliament by this date it will start from the next ...

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Hanjin Troubles to Cause Delays

Earlier this week Hanjin Shipping announced that it is filing court receivership after its main creditor refused to provider any further financial support to the troubled line. With over 100 container vessels on the water (plus over 100 other vessel types) transporting 3.7 million TEU of containerised goods per annum it comes as no surprise that the effects of this news is being felt worldwide.

Over the next couple of months a South Korean court will decide if the company ...

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New Requirements – Verified Container Weight

Effective 1-Jul-2016 the International Maritime Organization (IMO) have adopted amendments requiring the containers’ gross weight to be verified prior to loading on a vessel. Containers without a verified gross mass (VGM) will not be loaded onto vessels from this date. This applies to all containers loaded on a vessel under the SOLAS (Safety of Life at Sea) regime.

This legislation was introduced to increase the safety of both terminal and vessel crew and to reduce the risk of damage to not only ...

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Changes to Australian Customs & Quarantine Import Charges

Customs ‘Import Processing Charges’ – Effective 1-Jan-2016

Starting from 1-Jan-2016 Australian Customs and Border Protection has restructured their Import Processing Charges. As part of the restructuring there will no longer be a price distinction between air / post and sea shipments.

The charge summary further down outlines the main charges while a more detailed breakdown can be found HERE.

Quarantine ‘Import Declaration Charge’ – Effective 1-Dec-15

The Australian Department of Agriculture and Water Resources (aka Quarantine) have also restructured their charges.

The charge ...

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China / Australia Free Trade Agreement – Now in Effect

Six months ago the China / Australia Free Trade Agreement (ChAFTA) was signed with the intention of reducing the cost of trade between the two countries. With the agreement coming into effect 20th December 2015 we are now beginning to see the benefits as well as some of the processes importers need to follow to take advantage of the trade concessions.

For importers to take advantage of the discounted duties provided by ChAFTA the supplier must provide a Certificate of Origin ...

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GST on Online Purchases

Earlier this month NAB released their analysis of online retail sales for August 2015 showing an increase of 0.6% after the decrease of 1.4% in July (source). The consensus seems to be that while online sales appear to be erratic there is an overall trend reflecting slow but consistent growth. The report also estimates that in the past 12 months up to August 2015 Australians spent $17.5bn online however it didn’t indicate how much of these sales were GST ...

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Acceptance of Australian Air Cargo in the US

Requirements that all US bound air cargo is examined at a piece level means that each individual box or item in a shipment must be examined in person or by a machine before being packed and ready for shipping.

Examination might be in person or by approved equipment (ie x-ray or explosive detection) before being packed onto pallets etc for shipping.

Cargo can be examined prior to delivery to the airport by an Enhanced Air Cargo Examination (EACE) provider.

Alternatively organisations can register ...

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China / Australia Free Trade Agreement

The China / Australia Free Trade Agreement (ChAFTA) was signed 17-June-15 with the aim of reducing the cost of trade between the two countries over the next 20 years.

Over 85 per cent of Australia’s goods exports to China (by value in 2013) will enter duty free when ChAFTA enters into force, rising to 93 per cent after four years and 95 per cent when ChAFTA is fully implemented. Some of the key benefits of ChAFTA include:

  • Making our goods exports more ...
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Australian Trusted Trader Program – Key Points

What is it?
The Australian Trusted Trader (ATT) program is an internationally recognised compliance framework for importing and exporting with Australia.

What is the benefit of the program?
The program will allow organisations accredited as a Trusted Trader access to priority and streamlined services

Who will qualify?
Organisations holding an ABN will need a history of trade compliance, strict security procedures and established business processes to be recognised as low-risk and to become accredited as a Trusted Trader.

When will the program ...

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Tradex Scheme

What does it offer?

The Tradex Scheme provides up-front exemptions from customs duty and GST on eligible imported goods that are intended for direct export or incorporated in other goods that are exported.

 

Who is it for?

Administered by AusIndustry, the business program delivery division of the Department of Industry, Tradex aims to strengthen the international competitiveness of Australian business in export markets.

Normally, importers of goods destined for export later on would have to pay customs duty and GST at the time of ...

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