Document ID: chunk:federal_register_of_legislation:C2025C00029:section:10
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 10
Character Range: 916614–917974

10                                          Vessel for which you have a certificate under Part 2 of the Shipping Reform (Tax Incentives) Act 2012                                                                                                                                                      10 years

 (4A) Item 10 of the table in subsection 40‑102(4) does not apply to a vessel if:
 (a) *ordinary income that you *derive, or your *statutory income, in relation to the vessel; or
 (b) ordinary income that your *associate derives, or your associate's statutory income, in relation to the vessel;
is exempt from income tax under section 51‑100 for the income year for which you are working out the vessel's decline in value.
 (5) If the *depreciating asset is of a kind described in column 2 of the table and is used in the industry specified in column 3 of the table for the asset, the capped life of the asset is the period specified in column 4 of the table.

Capped life of certain depreciating assets used in specified industries
Item                                                                     Kind of depreciating asset                                                                                                                                                                                   Industry in which the asset is used  Period