Save Search

Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Tax Laws Amendment (Shipping Reform) Bill 2012

2010-2011-2012

 

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:

1   Short title

                   This Act may be cited as the Tax Laws Amendment (Shipping Reform) Act 2012 .

2   Commencement

                   This Act commences on the day this Act receives the Royal Assent.

3   Schedule(s)

                   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.