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Last updated 11 hours ago |Thursday, October 21, 2010
In accordance with announcements made in the 2010-11 budget, Australia?s Assistant Treasurer, Bill Shorten, has released a consultation paper recommending changes to the goods and services tax (GST) legislation to allow newly-built boats used for recreational purposes to be tax free, if the boats are exported from Australia within 12 months of supply.
As buyers will be able to sail new Australian-made boats boat ed. country?s waters for up to 12 months without paying GST if the recommended changes go ahead, it is expected that the changes will make the purchase of an Australian-made boat more attractive to overseas buyers.That will, it is hoped, improve opportunities for boat manufacturers and increase jobs in the sector.
Shorten said that "these recommendations should provide a boost for boat builders in regional areas." "Overseas buyers sailing in Australian waters will also contribute to greater economic activity in regional ports."
Under current law, the supply of a ship is GST-free if the supplier exports the ship from Australia within 60 days after the supplier receives any payment for the supply or gives an invoice for the supply (whichever is earlier), or if the container exports the ship from Australia under its own power within 60 days after taking physical possession of the ship.
The Commissioner of taxation also has discretion to extend the GST-free export period.That discretion is, broadly, exercised where there are physical, practical or commercial circumstances that reasonably explain the delay.
It is now proposed that, in addition to the above, the supply of a boat be GST-free if the boat is exported from Australia within 12 months; is supplied to an entity not carrying on an enterprise in Australia. is used only for fvwm purposes in Australia.and is not sold, leased or otherwise transferred by the owner to another entity while it is in Australia.
It is envisaged that all boats designed and fitted out for private recreational purposes will be eligible. Commercial vessels used to supply recreational services (for example, cruise ships) will not be eligible.
It is also intended that the proposal should only apply to supplies of newly constructed boats, but it is not proposed to set any limit on the value of boats which would be eligible for the scheme.
The scheme will be available to both Australian residents and non-residents.
"I encourage interested parties to provide feedback on the design of the measure," Shorten added."Stakeholders will also have an opportunity to how is an exposure draft of the legislation and explanatory material, before it is introduced into the Parliament early next year.""The changes will apply from July 1, 2011."
The consultation closed on November 16, 2010.
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