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

13   After subsection 104-235(1A)

Insert:

(1AA) Without limiting subsection (1A), if the asset is a vessel for which:

(a) you have a *shipping exempt income certificate; or

(b) you have at any time had such a certificate;

subsection (1) does not apply in relation to the asset to the extent that you are using, or at any time have used, it to produce income that is exempt under section 51-100.