4Simplified outline

#### 4 Simplified outline The following is a simplified outline of this Act: • A corporation that is issued a certificate under Part 2 for a vessel for an income year can be eligible for tax incentives under the Income Tax Assessment Act 1997 for the income year. • The corporation can maximise the tax incentives for the first income year for the vessel by applying during that year for a notice under Part 3. > Note: The tax incentives are set out in subsections 40‑102(4) and 40‑285(5), sections 40‑362 and 51‑100 and Subdivision 61‑N of the Income Tax Assessment Act 1997.