What this does: This order cancels a previous tax break (called a Tariff Concession Order) that allowed certain wire ropes to be imported into Australia without paying customs duty (or at a reduced rate).
Specific goods affected: Ungalvanised wire ropes (classified under tariff code 7312.10.00).
What it means:
- For importers: You'll now need to pay standard customs duties when bringing these wire ropes into Australia. The tax break ended on 12 March 2007.
- For local businesses: This likely protects Australian manufacturers of wire ropes from cheaper imports, as those imports will now face import taxes.
Why this happens: Tariff concessions are typically granted when no Australian company makes a similar product. This revocation suggests either (1) a local manufacturer now produces these goods, or (2) the original concession was granted in error.