The Shipping Reform (Tax Incentives) Regulation 2012 was registered on the Federal Register of Legislative Instruments on 29 June 2012. Part 1 of the Regulation provides the definitions of each category of seafarer training by reference to the duties performed by 3 categories of crew under the command of the master of the vessel. These definitions describe the nature of each occupation and are designed to enable a shipping company to understand the seafarer training requirement that it must satisfy in order to comply with the Regulation.
Part 2 prescribes the management and training requirements with which applicants for an income tax exemption must comply under s 5(1) and s 6 of the Shipping Reform (Tax Incentives) Act 2012. The regulation provides that a shipping company must ensure that for each vessel it operates, there is at least one person undertaking training for each of the following categories of crew: engineer officer; deck officer; and integrated rating and steward. The Regulation explains the functions that comprise each of the management requirements and which need to be undertaken in Australia.
The Regulation commenced on 1 July 2012.
[LTN 125, 2/7]