Commonwealth Consolidated Acts Commonwealth Consolidated Acts10 year lockout period applies in certain circumstances
(1) 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:
(a) the entity does not have a shipping exempt income certificate for the vessel for the previous income year; and
(b) 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
(c) there are less than 10 income years, or less than the number of income years determined under subsection (3) for the entity, between:
(i) the last income year for which a shipping exempt income certificate has been issued to the entity for the vessel; and
(ii) the certificate year.
(2) A shipping exempt income certificate is a certificate issued under section 8 that sets out the matters in paragraphs 8(2)(a) and (b).
Reducing the 10 year lockout period
(3) 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).
Note: A decision under this subsection is reviewable (see section 24).
(4) An application for a determination under subsection (3) must be:
(a) in the approved form; and
(b) accompanied by the fee (if any) specified in regulations made for the purposes of this paragraph.
(5) A determination under subsection (3) is not a legislative instrument.
Extension to associates
(6) 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.
Certificate can still be issued for other tax incentives
(7) 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.