Summary
Part of a package of five bills in relation to the Australian shipping industry, the bill amends the:
Income Tax Assessment Act 1997
to provide for: a new category of exempt income for ship operators under certain circumstances; an accelerated depreciation of shipping vessels through a cap of 10 years to the effective life of those vessels; roll-over relief from income tax for eligible ship owners; a refundable tax offset for employers of Australian resident seafarers in certain circumstances; and the disclosure of tax information by the Australian Taxation Office in certain circumstances; and
Income Tax Assessment Act 1936
to exempt from royalty withholding tax payments made for the lease of shipping vessels in certain circumstances.