May 31, 2012

Shipping Reform (Tax Incentives) Bill 2012 – Amendments

Mr ALBANESE (Grayndler—Leader of the House and Minister for Infrastructure and Transport) (12:26):  I present a supplementary explanatory memorandum and seek leave to move government amendments (1) to (5) as circulated together.

Leave granted.

Mr ALBANESE:  I move government amendments (1) to (5) as circulated together:

(1) Clause 5, page 3 (after line 9), after the definition of constitutional corporation, insert:

excluded vessel has the meaning given by subsections 10(4) and (5).

(2) Clause 10, page 10 (line 6), omit “of a kind set out in subsection (4)”, substitute “an excluded vessel”.

(3) Clause 10, page 10 (line 19), omit “The excluded kinds of vessels are as follows”, substitute “The following are excluded vessels“.

(4) Clause 10, page 10 (line 32), at the end of subclause (4), add:

; (k) vessels of a kind specified under paragraph (5)(a).

(5) Clause 10, page 10 (after line 32), at the end of the clause, add:

(5) The Minister may, by legislative instrument, specify:

    (a) kinds of vessels that are to be excluded vessels; and

    (b) kinds of vessels that are not to be excluded vessels.

Despite subsection (4), a vessel of a kind specified under paragraph (b) is not an excluded vessel.

 

I move that an amendment be made to the Shipping Reform (Tax Incentives) Bill 2012 to enable the minister to make a determination under subclause 10(5) that further clarifies which vessel should be eligible for the tax concessions. Clause 10 of the bill sets out which vessels are eligible for the tax concessions. Vessels will need to be over 500 gross tonnes and registered under either the Australian General Shipping Register or the Australian International Shipping Register. 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 amendment to 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.

I commend the bill, as amended, to the House.