The federal government is planning to introduce a bill that will see the local shipping industry handed tax breaks as part of a push to reduce the amount of foreign ships on Australia's coastlines, according to The Australian Financial Review.
According to the newspaper, the new laws will place conditions on all foreign ships and give a generous tax exemptions to Australian vessels on both domestic and international shipping income.
Analysts say the exemptions, contained in draft laws released by the government, are unprecedented in their generosity to local industry.
“It’s probably one of the broadest packages of exemptions that would be available across industries,” Blake Dawson partner Teresa Dyson told the
According to the newspaper, the new laws will place conditions on all foreign ships and give a generous tax exemptions to Australian vessels on both domestic and international shipping income.
Analysts say the exemptions, contained in draft laws released by the government, are unprecedented in their generosity to local industry.
“It’s probably one of the broadest packages of exemptions that would be available across industries,” Blake Dawson partner Teresa Dyson told the