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Shipping Reform (Tax Incentives) Bill 2012

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2010-2011-2012

 

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

 

HOUSE OF REPRESENTATIVES

 

 

 

SHIPPING REFORM (TAX INCENTIVES) BILL 2012

 

 

 

SUPPLEMENTARY EXPLANATORY MEMORANDUM

 

Amendments Moved on behalf of the Government

 

 

(Circulated by authority of the Minister for Infrastructure and Transport

the Honourable Anthony Albanese, MP)

 

 

The amendment provides:

That the Minister may make a determination under subclause 10(5) that further clarifies which vessels should be eligible for the tax concessions.

Clause 10 sets out which vessels are eligible for the tax concessions. Vessels will need to be over 500 gross tonnes and registered under either Australia’s primary or International Shipping Registers.  Additionally vessels may not be eligible if they fall within the list of excluded vessels in subclause 10(4).  The list aims to confine the concession to the so called ‘blue water’ fleet.  Due to the broad nature of the definitions contained in this list the Bill allows for the Minister to make a determination under subclause 10(5) that further clarifies which vessels should be eligible for the tax concessions. Cargo Vessels between 200 and less than 500 gross tonnes may also be eligible if they are primarily used in regional or remote Australia and the Minister exercises the discretion to admit them. Vessels operating wholly or mainly from a stationary position includes vessels anchored more or less permanently which operate as floating hotels or casinos.