Foreign superyachts to get tax break
TOURISM
THE Reef Marina has welcomed the Coalition’s decision to bow to pressure from the superyacht lobby to increase foreign superyachts in Australian waters.
This is a highly lucrative tourism industry and can generate close to $2 billion annually to the economy, according to the Australian Economic Consultants Group.
Owners of $100 million superyachts are currently avoiding Australian waters for less expensive areas such as Fiji and New Zealand, for example, as they would have to pay $10 million to enter our waters.
“The Reef Marina commends the decision,” said co-owner of the Reef Marina Andrew Hooper-Nguyen.
“Australia, especially Queensland, is a highly desirable destination for touring superyachts. But we have largely missed the boat because the tax consequences of operating here were too great.
“This change will mean more superyachts in Australia; more superyachts in FNQ; more activity in the marine industry; and more jobs.”
According to the Gold Coast Bulletin, the Minister for Trade, Tourism and Investment Steven Ciobo, said: “I’m very supportive of the ambition of Australia’s superyacht industry. I’m hopeful with a strong show of Labor support we can make changes.”
Described as a historic move, in February this year the Douglas Shire Council conditionally approved an $85 million Reef Marina transformation.
Key features of the $85 million re-development include a rainforest walk connecting Macrossan Street to the Marina, waterfront residences including 80 new apartments and townhouses; and a live entertainment venue complete with stage.
Thoughts? Let us know in the comments below!
* Readers are encouraged to use their full details below to ensure comment legitimacy. Comments are the opinions of readers and do not represent the views of Newsport or its staff. Comments containing unlawful, obscene, defamatory or abusive material will not be published.
