Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1987No. 62, 1987 - SECT 4

4. Section 4 of the Principal Act is amended by inserting in subsection (1)
the following definitions in their respective appropriate alphabetical
positions (determined on a letter-by-letter basis):

"'aircraft' means a machine or apparatus that can derive support in the
atmosphere from the reactions of the air or from buoyancy, but does not
include an air-cushion vehicle;
'international trade insurance' means:

   (a)  insurance of freight against loss or damage in the course of, or
        incidental to, international transport of the freight;

   (b)  insurance of an aircraft or ship against loss or damage during a
        particular period when the aircraft or ship is under construction or
        undergoing refitting, maintenance or repairs where, at the time the
        insurance was effected, the aircraft or ship was intended by the owner
        to be used wholly or principally for the international transport of
        freight for an indefinitely continuing period commencing immediately
        after the completion of the construction, refitting, maintenace or
        repairs, as the case may be;

   (c)  insurance of an aircraft or ship against loss or damage in the course
        of, or incidental to, a particular journey or journeys where, at the
        time the insurance was effected, it was intended by the owner that the
        journey or journeys would be wholly or principally for the
        international transport of freight; or

   (d)  insurance of an aircraft or ship against loss or damage during a
        particular period where, at the time the insurance was effected, the
        aircraft or ship was intended by the owner to be used during that
        period wholly or principally for the international transport of
        freight;
'international transport', in relation to freight, means the transport in, or
in connection with, trade or commerce, of the freight between:

   (a)  a place in a foreign country; and

   (b)  a place in:

        (i)    another foreign country;

        (ii)   Australia; or

        (iii)  an external Territory; 'ship' means a vessel or boat of any
               description, and includes:

   (a)  an air-cushion vehicle; and

   (b)  a floating structure;".