Revitalising the Australian Shipping Industry through Tax Reform: Alchemy or Piracy?

Sadiq, Kerrie (2013) Revitalising the Australian Shipping Industry through Tax Reform: Alchemy or Piracy? In Sadiq, Kerrie (Ed.) 25th Australasian Tax Teachers Association Conference, 23-25 January 2013, The University of Auckland Business School, Auckland, New Zealand.

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The Australian Federal Government has recently passed reforms to the shipping industry. These reforms are aimed at removing barriers to investment in Australian shipping, fostering global competitiveness and securing a stable maritime skills base. The shipping reform package adopts a two pronged approach designed to achieve its stated goals by providing both a ‘stick’ and ‘carrot’ to industry participants. First, the ‘stick’ is delivered via the provision of tighter regulation of coastal trading operations through a new licencing system, along with the introduction of a civil penalty regime and an increase in existing penalties. Second, the ‘carrot’ is delivered via taxation incentives available to vessels registered in Australia where the registrant meets certain specified criteria. These incentives, introduced through amendments to the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936 and contained in the Tax Laws Amendment (Shipping Reform) Act 2012, provide five key tax incentives to the shipping industry. From 1 July 2012, amendments give effect to an income tax exemption for qualifying ship operators, accelerated depreciation of vessels, roll-over relief from income tax on the sale of a vessel, an employer refundable tax offset, and an exemption from royalty withholding tax for payments made for the lease of certain shipping vessels.

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ID Code: 59640
Item Type: Conference Paper
Refereed: Yes
Keywords: Australian shipping industry, Tax Reform
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2013 Australasian Tax Teachers Association.
Deposited On: 06 May 2013 07:16
Last Modified: 02 Jul 2013 04:25

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