Australia’s Treasury has advised Superyacht Australia that the submission for an urgent review of the regulations affecting superyachts wishing to charter in Australian waters is being reviewed. Superyacht Australia filed the submission in late June this year.

«This is great news,» says MaryAnne Edwards, Superyacht Australia CEO. «Australia needs to remove this impediment to the growth of the superyacht sector and the government must realise that growth in jobs and revenue will be significant as a result of this.»

Superyacht Australia sees the current regulations as a barrier to developing the superyacht industry in the country and that the industry is losing ground to other countries that have since addressed the issue.

It is Superyacht Australia’s belief that if the policies were changed they would see a doubling of the number of superyachts coming to Australia within two years, and subsequently, a doubling of the economic benefit and return for the country. The removal of the barrier would also act as a green light for more investment in the sector.

According to the industry body, there are over 5,000 superyachts in the world and currently Australia is seeing less than two per cent of these.

«We need to make it simple for yachts to come and charter in Australia,» Edwards adds. «Currently yachts wishing to charter must fully import the vessel and pay any duty and GST applicable.

«Given the value of a superyacht and the costs of this taxation versus what they would receive in charter revenue this equation simply does not stack up. However, if the regulations were relaxed more yachts would come here and the government would benefit hugely from the GST payable on charters and purchases.

«This is a number one priority on our work programme and we have another meeting scheduled with Treasury to provide an update on the results of other Asia Pacific countries relaxing their regulations. We will continue pursuing this issue until we get an outcome.» (Superyacht Business, 3 September 2012)
Article