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

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.