Commonwealth of Australia Explanatory Memoranda

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TAX LAWS AMENDMENT (SHIPPING REFORM) BILL 2012

                                   2010-2011-2012



       THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA



                         HOUSE OF REPRESENTATIVES




          TAX LAWS AMENDMENT (SHIPPING REFORM) BILL 2012




             SUPPLEMENTARY EXPLANATORY MEMORANDUM



               Amendments to be moved on behalf of the Government.




Explanation of amendments

Amendment 1 is to amend section 128D of the Income Tax Assessment Act 1936 to
ensure that income that falls within the scope of the royalty withholding tax exemption
of paragraph 128B(3)(m) of the Tax Laws Amendment (Shipping Reform) Bill 2012
(the Bill) is not assessable income and is not exempt income. This amendment also
makes a minor grammatical correction.

Amendment 2 is to amend subparagraph 128B(3)(m)(ii) of the Bill to properly cross
reference the Bill to the revised section 10 of the Shipping Reform (Tax Incentives)
Bill 2012.



                        (Circulated by the authority of the
          Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)