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Double taxation agreement



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PRIME MINISTER

Pres:-. Statement

20 March 1973

DOUBLE TAXATION AGREEMENTS

Cabinet today ratified double taxation agreements between Australia and Nev’ Zealand and Australia and Italy.

The two agreements were signed by the former Treasurer on Australia's behblf during 1972. The agreement with Italy is limited to the relief of double taxation of international airlines.

It provides that Qantas will be exempt from Italian tax and Alitalia from Australian tax.

The agreement with New Zealand covers all forms of income flowing between Australia and New Zealand. It replaces the existing agreement which Cabinet was told was out of d a t e . The existing

agreement with New Zealand was concluded in 1960. The new agreement'.has been drafted in the light of changes in the tax laws of each country and also of· the provisions of other double taxation agreements Australia has signed with other countries since then.

It will mean that Australian residents will no longer be doubly taxed on some items of income earned in New Zealand.

Once it becomes law the new agreement will have effect in Australia from 1 July 1972 and in New

Zealand from 1 April 1972.

V

CANBERRA, A.C.T,