On 22 March 2012, Shipping Reform (Tax Incentives) Bill 2012 was introduced into the House of Representatives. The Bill is part of a package of bills implementing the Government’s shipping policy reform, "Stronger Shipping for a Stronger Economy".
The following is extracted from the Explanatory Memorandum.
The Shipping Reform (Tax Incentives) Bill 2012, provides a mechanism for the shipping industry to obtain a certificate as an initial step in gaining access to a range of taxation concessions for the shipping industry (additional criteria are contained in the Tax Laws Amendment (Shipping Reforms) Bill 2012) to encourage ship ownership and ship operations in Australia as well as encourage the employment of Australian seafarers.
The tax incentives are contained in Tax Laws Amendment (Shipping Reform) Bill 2012, introduced into the House of Representatives on the same day.
This Bill is the first step a taxpayer will need to take in establishing their eligibility to access the tax concessions.