It is an initiative that allows a business to pay GST when they next lodge an Business activity statement (BAS) with the Australian tax office (ATO) rather than each time they import goods or receive them from a licensed warehouse.
In order to participate businesses are required to:
Be registered with an Australian Business Number (ABN)
Be registered for GST
Lodge and pay their BAS monthly online
Correspond with Customs and Border Security services online
Be free of any debt or outstanding returns to the ATO