House of Representatives

Tax Laws Amendment (Shipping Reform) Bill 2012

Explanatory Memorandum

(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)

Index

Schedule 1: Exempt shipping income

Bill reference Paragraph number
Item 1, section 11-15 (after the item in the table headed 'resale royalty collecting societies') 2.52
Item 2, subsection 36-10(5) 2.49
Item 3, subsection 36-17(4A) 2.50
Item 4, subsection 51-100(1) 2.28
Item 4, paragraph 51-100(1)(a) 2.21
Item 4, paragraph 51-100(1)(b) and associated note 2.41
Item 4, subsection 51-100(2) 2.37, 2.38, 2.39, 2.42, 2.43, 2.45
Item 4, section 51-105 2.25
Item 4, subsection 51-110(2) 2.30
Item 4, paragraph 51-110(2)(r) 2.31
Item 4, subsection 51-110(3) 2.32
Item 4, section 51-115 2.35
Item 5, definition of 'core shipping activities' in subsection 995-1(1) 2.34
Item 6, definition of 'incidental shipping activities' in subsection 995-1(1) 2.36
Item 7, definition of 'shipping activities' in subsection 995-1(1) 2.27
Items 8 and 10, definitions of 'shipping cargo' and 'shipping passenger' in subsection 995-1(1) 2.29
Item 9, definition of 'shipping exempt income certificate' in subsection 995-1(1) 2.24

Schedule 2: Capital allowances

Bill reference Paragraph number
Items 1 and 2, subsection 40-70(1) 3.39
Item 3, paragraph 40-75(2)(d) 3.29
Item 4, item 10 in the table in subsection 40-102(4) 3.10, 3.18
Item 5, subsection 40-102(4A) 3.21
Item 6, subsection 40-103(1) 3.27
Item 6, subsection 40-103(2) 3.28, 3.33, 3.34
Item 6, paragraphs 40-103(2)(a) and (b) 3.35
Item 7, definition of 'effective life' in subsection 995-1(1) 3.42
Item 8, definition of 'remaining effective life' in subsection 995-1(1) 3.43
Item 10, note to section 40-175 4.27
Item 11, note to new subsection 40-285(5) 4.16
Item 11, paragraph 40-285(5)(a) 4.13
Item 11, paragraph 40-285(5)(b) 4.14
Item 12, section 40-362 4.12
Item 12, paragraphs 40-362(1)(a) to (d) 4.19
Item 12, paragraphs 40-362(1)(b) and (d) 4.21
Item 12, paragraph 40-362(1)(e) 4.20
Item 12, subsection 40-362(2) 4.17
Item 12, paragraph 40-362(2)(b) 4.18
Item 12, paragraph 40-362(3)(a) 4.22
Item 12, paragraph 40-362(3)(b) 4.24
Item 12, paragraph 40-362(3)(c) 4.26
Item 12, subsection 40-362(4) 4.25
Item 13, subsection 104-235(1AA) 4.31
Subitem 9(1) 3.41
Subitems 9(1) and (2) 3.40

Schedule 3: Seafarer tax offset

Bill reference Paragraph number
Item 1, section 13-1 5.5
Item 2, section 61-695 5.7
Item 2, section 61-700 5.8
Item 2, subsection 61-705(1) 5.10
Item 2, paragraph 61-705(1)(b) 5.13
Item 2, note in subsection 61-705(2) 5.25
Item 2, paragraph 61-705(2)(a) 5.12, 5.15
Item 2, paragraph 61-705(2)(b) 5.15
Item 2, paragraph 61-705(2)(c) 5.15
Item 2, paragraph 61-705(2)(c) and note 1 in subsection 61-705(2) 5.19
Item 2, paragraph 61-705(2)(d) 5.16, 5.17
Item 2, section 61-710 5.20, 5.21
Item 3, section 67-23 5.6

Schedule 4: Exempting bareboat charters from royalty withholding tax

Bill reference Paragraph number
Item 1, paragraph 128B(3)(m) 6.13
Item 1, subparagraphs 128B(3)(m)(i) to (iv) 6.13
Item 2 6.11, 6.18

Schedule 5: Shipping information

Bill reference Paragraph number
Item 1, item 6A in the table in subsection 355-65(4) in Schedule 1 to the TAA 1953 2.54


View full documentView full documentBack to top