Superyacht Australia, which has been working to get the government to relax regulations around the chartering of superyachts, said in early September that the Treasury Department is considering its suggestions.
“This is great news,” said CEO MaryAnne Edwards. “Australia needs to remove this impediment to the growth of the superyacht sector and the government must realize that growth in jobs and revenue will be significant as a result of this.”
Superyacht Australia alleges that if the policies were changed, Australia would see a doubling of the number of superyachts within two years and subsequently a doubling of the economic benefit and return for the country. Superyacht Australia also sees removal of this barrier acting as a green light to more investment in the industry.
The country sees about 100 yachts a year, the group said.
“We need to make it simple for yachts to come and charter in Australia,” Edwards said. “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 No. 1 priority on our work program.”