What this does: This order cancels a previous tariff concession — essentially a duty exemption or reduced import tax — for specific steel products entering Australia.
Who it affects: Businesses importing steel bars and rods less than 24mm in diameter (classified under customs tariff code 7221.00).
What changes: From 1 May 2007, these steel products are no longer eligible for the concession granted back in 1988. Importers must now pay the standard customs duties (tariffs) that apply under Schedule 4, Item 503 of the Customs Tariff.
Why it matters: This removes a nearly 20-year-old tax break for these specific steel imports, increasing costs for importers who previously benefited from duty-free or reduced-duty entry of these goods.
Note: This is made under the Customs Act 1901, which gives the government power to create and cancel these tariff concessions.