Tax Laws Amendment (Shipping Reform) Act 2012 (57 of 2012)

Schedule 2   Capital allowances

Part 2   Balancing adjustment events and roll-over relief

Income Tax Assessment Act 1997

11   At the end of section 40-285

Add:

(5) Despite subsection (1), an amount included in your assessable income under that subsection is included for the second income year after the income year in which the *balancing adjustment event occurs if:

(a) the *depreciating asset is a vessel; and

(b) you have a certificate for the vessel under Part 2 of the Shipping Reform (Tax Incentives) Act 2012 that:

(i) applies to the day that the balancing adjustment event occurs; and

(ii) is not a *shipping exempt income certificate.

Note: An amount will not be included in your assessable income in relation to the balancing adjustment event if you choose roll-over relief under section 40-362.