Document ID: chunk:federal_register_of_legislation:C2024C00633:section:9
Version: federal_register_of_legislation:C2024C00633
Segment Type: section
Provision Reference: s 9
Character Range: 12587–14648

9  Shipping exempt income certificates not to be issued in certain circumstances

10 year lockout period applies in certain circumstances
 (1) Despite section 8, the Minister must not issue a shipping exempt income certificate under that section to an entity for a vessel for the certificate year if:
 (a) the entity does not have a shipping exempt income certificate for the vessel for the previous income year; and
 (b) a shipping exempt income certificate has been issued to the entity for the vessel for that previous income year or an earlier income year; and
 (c) there are less than 10 income years, or less than the number of income years determined under subsection (3) for the entity, between:
 (i) the last income year for which a shipping exempt income certificate has been issued to the entity for the vessel; and
 (ii) the certificate year.
 (2) A shipping exempt income certificate is a certificate issued under section 8 that sets out the matters in paragraphs 8(2)(a) and (b).

Reducing the 10 year lockout period
 (3) The Minister may, on application, determine a number less than 10 to be the number of income years that applies to the applicant under paragraph (1)(c).
Note: A decision under this subsection is reviewable (see section 24).
 (4) An application for a determination under subsection (3) must be:
 (a) in the approved form; and
 (b) accompanied by the fee (if any) specified in regulations made for the purposes of this paragraph.
 (5) A determination under subsection (3) is not a legislative instrument.

Extension to associates
 (6) Paragraphs (1)(a), (b) and (c) apply in relation to an applicant for a certificate as if each entity that is, or has at any time been, an associate of the applicant were at all times a part of the applicant rather than a separate entity.

Certificate can still be issued for other tax incentives
 (7) This section does not prevent the Minister from issuing to the entity a certificate under section 8 for the vessel for the certificate year that is not a shipping exempt income certificate.