- Home
- Shipping Matters
- The Government announces sweeping reform to Australian Shipping Policy to make the industry more competetive including change to taxation, training, and wages policy.
The Government announces sweeping reform to Australian Shipping Policy to make the industry more competetive including change to taxation, training, and wages policy.
- By Stephen Adrian
- Published 18/08/2010
- Shipping Matters
- Unrated
The Government today announced sweeping changes to Australian shipping policy designed to stimulate Australian shipping. If re-elected the government will introduce
The Minister for Infrastructure, Transport, Regional Development and Local Government the Hon Anthony Albanese made these announcements at an event hosted by the Australian Shipowners Association (“ASA”) on Friday 13 August 2010.
The measures come as a package. The measures are designed to reduce vessel operating costs and provide flexibility. The detail of the measures is to be developed in consultation with the industry including the ASA. Whilst the Minister was not specific it was implied that the measures would be introduced in the next term of the government.
The measures include:
Tonnage Tax
A tonnage tax regime competitive with other countries would be introduced. This system would tax Australian shippers on a per tonne basis and carry with it an obligation to train Australian seafarers.
Accelerated Depreciation
A 10 year write off of vessels would be introduced
Seafarers Tax
Changes to s 23AG will be introduced to exempt Australian resident seafarers from Australian tax for service on eligible vessels.
Training
A forum for educators, industry and unions to work together on improving training opportunities will be created.
The effectiveness of these measures will rely on the whole package being coordinated and the details correct. There was little detail provided and the Minister indicated that the detail needed to be developed
It is hoped that the measures will revitalise the Australian shipping industry. Moore Stephens applauds the Government for recognising the significance of the Australian shipping industry and for announcing policy change to stimulate the industry.
Further detail will be provided as soon as it becomes available. Should you wish to discuss this further do not hesitate to contact your Moore Stephens partner.
Author: Stephen Adrian, Director Taxation, Moore Stephens Melbourne
- A tonnage tax regime that will reduce the impact of income tax on Australian flagged vessels.
- Accelerated depreciation allowances for vessels that are subject to income tax.
- A second international shipping register to encourage the location of vessels within the Australian systems.
- Changes to the single and continuous voyage permit system.
- Packages to stimulate maritime training.
- Packages to improve maritime productivity including the introduction of “riding gangs” on Australian crewed vessels.
- Changes to the taxation arrangements for Australian resident seafarers (under s23AG).
The Minister for Infrastructure, Transport, Regional Development and Local Government the Hon Anthony Albanese made these announcements at an event hosted by the Australian Shipowners Association (“ASA”) on Friday 13 August 2010.
The measures come as a package. The measures are designed to reduce vessel operating costs and provide flexibility. The detail of the measures is to be developed in consultation with the industry including the ASA. Whilst the Minister was not specific it was implied that the measures would be introduced in the next term of the government.
The measures include:
Tonnage Tax
A tonnage tax regime competitive with other countries would be introduced. This system would tax Australian shippers on a per tonne basis and carry with it an obligation to train Australian seafarers.
Accelerated Depreciation
A 10 year write off of vessels would be introduced
Seafarers Tax
Changes to s 23AG will be introduced to exempt Australian resident seafarers from Australian tax for service on eligible vessels.
Training
A forum for educators, industry and unions to work together on improving training opportunities will be created.
The effectiveness of these measures will rely on the whole package being coordinated and the details correct. There was little detail provided and the Minister indicated that the detail needed to be developed
It is hoped that the measures will revitalise the Australian shipping industry. Moore Stephens applauds the Government for recognising the significance of the Australian shipping industry and for announcing policy change to stimulate the industry.
Further detail will be provided as soon as it becomes available. Should you wish to discuss this further do not hesitate to contact your Moore Stephens partner.
Author: Stephen Adrian, Director Taxation, Moore Stephens Melbourne
Spread The Word
