In media release No 2010/005, issued 20 October 2010, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of a consultation paper that recommends changes to the GST legislation to allow eligible supplies of new boats used for recreational purposes to be GST-free, if the boats are exported from Australia within 12 months of supply. This means that boat buyers will be able to sail new Australian-made boats in Australian waters for up to 12 months without paying GST on the sale price. The change was announced as part of the 2010-11 Budget.
"Stakeholder input will be considered in developing legislation. Stakeholders will also have an opportunity to comment on an exposure draft of the legislation and explanatory material before it is introduced into the Parliament early next year. The change will apply from 1 July 2011," the Assistant Treasurer said.
Consultation closes on 16 November 2010.