Australia: Updated regulations for shipping exempt income certificate requirements
Training and management requirements for a shipping exempt income notice or certificate to be issued
Updated regulations for shipping exempt income certificate requirements
The Minister for Infrastructure, Transport, Regional Development and Local Government issued updated shipping reform (tax incentives) regulations 2023—repealing and replacing the shipping reform (tax incentives) regulations 2012 which sunset on 1 October 2023—that outline the training and management requirements for a shipping exempt income notice or certificate to be issued to an Australian registered vessel.
An entity with a shipping exempt income certificate may gain access to the income tax exemption provided for under sections 51-100 of the Income Tax Assessment Act 1997.
The updated regulations introduce minor amendments and establish the continuation of the measures in place.
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