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The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax Laws Amendment (Shipping Reform) Bill 2012
No. , 2012
(Treasury)
A Bill for an Act to amend the law relating to taxation, and for related purposes
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 1
3............ Schedule(s)......................................................................................... 1
Schedule 1—Exempt shipping income 3
Income Tax Assessment Act 1997 3
Schedule 2—Capital allowances 7
Part 1—Statutory capped life 7
Income Tax Assessment Act 1997 7
Part 2—Balancing adjustment events and roll-over relief 10
Income Tax Assessment Act 1997 10
Schedule 3—Seafarer tax offset 13
Income Tax Assessment Act 1997 13
Schedule 4—Exempting bareboat charters from royalty withholding tax 17
Income Tax Assessment Act 1936 17
Schedule 5—Shipping information 18
Taxation Administration Act 1953 18
A Bill for an Act to amend the law relating to taxation, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Tax Laws Amendment (Shipping Reform) Act 2012 .
This Act commences on the day this Act receives the Royal Assent.
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.