Under Australian Customs Notice No. 2022/34 (https://lnkd.in/ei6NzghG), from 1 July 2022, customs duty on electric vehicles, plug-in hybrid vehicles and hydrogen fuel-cell vehicles with a customs value less than the fuel efficient luxury car tax threshold will have a ‘Free’ rate of duty.
The ‘Free’ rate of duty applies to all goods that meet this requirement, except those from Russia and Belarus which currently have an additional duty of 35 per cent applied.
Consistent with Australian Customs Notice No. 2022/25 (https://lnkd.in/eW8EmCrR) for the 2022-23 financial year the LCT threshold for fuel efficient vehicles is $84,916.
The new classifications will be entered into the Integrated Cargo System (ICS) by the Australian Border Force (ABF) as soon as practical following the publication of the Notice. The new classifications will commence retrospectively on 1 July 2022.
Any goods entered for home consumption on or after 1 July 2022 until the time that the new classifications have been entered into the ICS will need to apply for a refund.
Keeping you updated
BRi Customs Team
