Internationally recognised yacht and boating brands are set to reap the benefits from changes to marine export GST legislation.
The amendment means overseas buyers will now have one year to ship their boats out of Australian waters to avoid paying GST, increased from the current 60 days.
Chairman of Marine Queensland manufacturers division Charles Dickson, says it’s a ‘big boost’ for the Coast’s luxury yacht builders.
“What it means for example, is that an American buyer can purchase a Maritimo 60 and cruise GST free around Australia for up to 12 months,” says Dickson.
“When overseas buyers purchase large boats from Australian manufacturers, that’s what they want to do. They want to cruise to around the Great Barrier Reef or the Kimberleys and the changes in the GST tax legislation effectively lowers the purchase price of the vessel.”
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