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Wednesday, September 26, 2018

NEW TAX LEGISLATION DUE TO APPLY IN AUSTRALIA 1 JULY 2000

INTERTANKO has received information from INCHCAPE SHIPPING SERVICES (ISS),Chatswood on the New Tax Legislation which is due to apply in Australia from 1 July 2000.

The name of the legislation - "A New Tax System (Goods and Services Tax or GST) Act 1999" No 55, 1999, will have an impact on the shipping industry.

10% GST is applicable for some port charges, statutory charges will be exempted.  The GST will not necessarily appear as a separate item.

The Australian Chamber of Shipping and the Australian Shipping Federation are currently working with the Australian Taxation Office to obtain clarification and develop procedures.  The deadline is set to March 2000.

Foreign flag vessels only loading export cargo are entitled to obtain GST refund from the Australian Tax Office at a later stage, which has to be arranged through their Australian agent.

ISS is keeping the Ports and Terminals Section updated on the issue. In the meantime for queries please contact: gunnar.knudsen@intertanko.com or  Mr John McGoogan of ISS, Sydney, Australia: JJMHOA@psmail.patsle.com.au