Australia: Modified list of vessels eligible for tax incentives
A legislative instrument that modifies the list of vessels that are excluded from tax incentives effective 1 October 2023.
Modified list of vessels eligible for tax incentives
The Minister for Infrastructure, Transport, Regional Development and Local Government has registered a legislative instrument that modifies the list of vessels that are excluded from tax incentives effective 1 October 2023.
The instrument—the Shipping Reform (Tax Incentives) (Specification of Kinds of Vessels) Instrument 2023—specifies the following vessels that will no longer be excluded from subsection 10 (4) of the Shipping Reform (Tax Incentives) 2012:
- Liquified natural gas (LNG) tanker vessels operating on international routes
- Roll-on/roll-off transportation vessels (ro ro ferry) operating on interstate routes
The instrument will repeal and replace the Shipping Reform (Tax Incentives) Act 2012 Subsection 10 (5) specification of kinds of vessels, which sunsets on 1 October 2023, as well as allow entities to benefit from the tax incentives for the relevant financial year in relation to an Australian registered vessel.
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