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22 Mar 1212 Tax Laws Amendment (Shipping Reform) Bill 2012

On 22 March 2012, Tax Laws Amendment (Shipping Reform) 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.

This Bill amends the ITAA 1997, the ITAA 1936 and the Taxation Administration Act 1953 to provide taxation incentives to stimulate investment in, and revitalisation of, the Australian shipping industry and to foster the global competitiveness of the shipping industry.

The key elements contained in this Bill are:

  • an income tax exemption for ship operators (Schedule 1);
  • accelerated depreciation of vessels via a cap of 10 years to the effective life of those vessels (Part 1 of Schedule 2);
  • roll-over relief from income tax on the sale of a vessel (Part 2 of Schedule 2);
  • an employer refundable tax offset (Schedule 3); and
  • an exemption from royalty withholding tax for payments made for the lease of shipping vessels (Schedule 4).

This Bill also provides for the disclosure of tax information by the ATO in certain circumstances (Schedule 5).

These amendments will commence on 1 July 2012.

The certification and eligibility requirements are contained in Shipping Reform (Tax Incentives) Bill 2012, introduced into the House of Representatives on the same day.


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