The ATO on Fri 16.8.2013, issued ATO ID 2013/45 (Shipping activities income: exclusion from instalment income). According to this ID, ordinary income derived by a taxpayer can be excluded from instalment income for the purposes of s 45-120 of Sch 1 to the TAA to the extent that it is from shipping activities that relate to a vessel in respect of which the taxpayer expects to be issued with a shipping exempt income certificate under s 8 of the Shipping Reform (Tax Incentives) Act 2012.

[LTN 158, 16/8/13]