Shipping Reform (Tax Incentives) Act 2012

Despite section 8, the Minister must not issue a shipping exempt income certificate under that section to an entity for a vessel for the certificate year if:

the entity does not have a shipping exempt income certificate for the vessel for the previous income year; and

a shipping exempt income certificate has been issued to the entity for the vessel for that previous income year or an earlier income year; and

there are less than 10 income years, or less than the number of income years determined under subsection (3) for the entity, between:

the last income year for which a shipping exempt income certificate has been issued to the entity for the vessel; and

the certificate year.

A shipping exempt income certificate is a certificate issued under section 8 that sets out the matters in paragraphs 8(2)(a) and (b).

The Minister may, on application, determine a number less than 10 to be the number of income years that applies to the applicant under paragraph (1)(c).

A decision under this subsection is reviewable (see section 24).

An application for a determination under subsection (3) must be:

in the approved form; and

accompanied by the fee (if any) specified in regulations made for the purposes of this paragraph.

A determination under subsection (3) is not a legislative instrument.

Paragraphs (1)(a), (b) and (c) apply in relation to an applicant for a certificate as if each entity that is, or has at any time been, an associate of the applicant were at all times a part of the applicant rather than a separate entity.

This section does not prevent the Minister from issuing to the entity a certificate under section 8 for the vessel for the certificate year that is not a shipping exempt income certificate.