Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe following is a simplified outline of this Act:
• A corporation that is issued a certificate under Part 2 for a vessel for an income year can be eligible for tax incentives under the Income Tax Assessment Act 1997 for the income year.
• The corporation can maximise the tax incentives for the first income year for the vessel by applying during that year for a notice under Part 3.
Note: The tax incentives are set out in subsections 40 - 102(4) and 40 - 285(5), sections 40 - 362 and 51 - 100 and Subdivision 61 - N of the Income Tax Assessment Act 1997 .