Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 51.100

Shipping

             (1)  An entity's * ordinary income * derived during an income year (the present year ), or * statutory income for the present year, is exempt from income tax to the extent that it is from * shipping activities that:

                     (a)  relate to a vessel for which the entity has a * shipping exempt income certificate for the present year; and

                     (b)  take place on a day (a certified day ) to which the certificate applies.

Note:          For the days to which the certificate applies, see subsection 8(5) of the Shipping Reform (Tax Incentives) Act 2012 .

             (2)  Subsection (1) does not apply to * ordinary income * derived from, or * statutory income from, * incidental shipping activities relating to the vessel if:

where:

"total core shipping income" means the sum of the entity's:

                     (a)  * ordinary income * derived from * core shipping activities relating to the vessel on the certified days (see paragraph (1)(b)); and

                     (b)  * statutory income from those activities on those days.

"total incidental shipping income" means the sum of the entity's:

                     (a)  * ordinary income * derived from * incidental shipping activities relating to the vessel on the certified days (see paragraph (1)(b)); and

                     (b)  * statutory income from those activities on those days.



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