BEO2004 - International Trade Practices - Custom Classification Code - Complete Import Declaration - Accounting and Finance Assignment Help

Assignment Task:

BEO2004: International Trade Practices Accounting and Finance Assignment Help

Question 1

1.1 Identify the custom classification code for each listed product in Table 1.

1.2 Calculate amount of duty payable on entering the products for home (local) consumption.

• Provide hard copy of foreign exchange rate used for calculations

1.3 Calculate the VoTI for each product for each country (Refer to pp.110-115 of the prescribe textbook)

1.4 Calculate the total cost of each product at the end of the customs clearance process. Please note:

Freight costs are for sea transport from the country of origin to Melbourne Victoria Australia In calculating the costs, you will have to convert these to AUD. Cost of goods given as an equivalent FOB value for customs purposes

Question 2
Complete Import Declaration (N10) form for the product you have calculated as the cheaper in total cost. Import Declaration form (N10) https://www.abf.gov.au/form-listing/forms/b650.pdf Quick guide to complete Import Declaration (N10) There is no option in deferring GST, and you can make up information not provided, as long as it is consistent with provided information.

Question 3
WAB Pty Ltd has decided that it will be exporting to Malaysia. You have heard about the benefits of preferential duty treatment for Australian goods under the Malaysia Australia Free Trade Agreement (MAFTA).

The products you will export are (prices shown on an EXW Incoterms 2010 basis):

a) Australian Wheatbix. Code AUWB.
• 860 gms per packet
• Six packets in a box
• Price USD 6.00 per kg
• Total quantity of cereal: 3000 packets
Table 2 Product sizes and measurements

b) Australian Corn flakes AWCF.
• 920 gms per packet
• Six packets in a box
• Price USD 3.80 per kg
• Total quantity of cereal: 4200 packets

Question 4 
Use OZDOCS to complete this assignment.

Complete the necessary documentation to clear Customs and enable the importer to complete border clearance processes in Malaysia for products in Table 2, Question 3. You must complete a Certificate of Origin (from the exporter’s point of view) for the products. Decide whether to use air or sea transport, based on the information provided below.

Seller: WAB Pty Ltd, 309 Farmount Street, Portsee, Vic 3221 Australia; Tel: +61 3 98265413

Buyer: MXZ Imports. 356 Park Drive, Klang, 42000, Malaysia; Tel: +60 3 31013826

Terms of Delivery: CIP Klang, uncleared for import, all charges outside Australia for buyer’s account, Incoterms 2010

Method of payment: Direct payment in USD 60 days from invoice date. Invoice and payment will be in USD

Transport details:
a) Sea transport: Marvala voyage 532, Departing Melbourne 10 May 2019, destination Port of Klang, Malaysia Latest receival date: 3 May 2019 Bill of Lading Number BS8321 Transit time to Port of Klang: 18 days
Costs:
• Seafreight: AUD 529.00;
• Cartage to wharf: AUD 230.00;
• Documentation: AUD 250.00

b) Air Transport: Flight MH 148 Melbourne- Kuala Lumpur, 13 May 2019,

AWB 193 – 60107603
Costs:
• Airfreight: AUD 981.00;
• Cartage to airport: AUD 185.00;
• Documentation: AUD 199.00

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