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International Tax Agreements Amendment Bill 2003
Schedule 3 Miscellaneous

   

Income Tax Assessment Act 1936

1  Subsection 170(14) (paragraph (a) of the definition of relevant provision )

Repeal the paragraph, substitute:

                     (a)  a provision of a double taxation agreement that attributes to a permanent establishment or to an enterprise the profits it might be expected to derive if it were independent and dealing at arm’s length; or

2  Subsection 170(14) (definition of the United Kingdom agreement )

Repeal the definition.

International Tax Agreements Act 1953

3  After subsection 3(2)

Insert:

          (2A)  After the commencement of this subsection, a reference in an agreement to income from shares, or to income from other rights participating in profits, does not include a reference to a return on a debt interest (as defined in Subdivision 974-B of the Income Tax Assessment Act 1997 ).

Taxation (Interest on Overpayments and Early Payments) Act 1983

4  Subsection 3(1) (definition of double tax agreement )

Omit “ Income Tax (International Agreements) Act 1953 ”, substitute “ International Tax Agreements Act 1953 ”.

5  Subsection 3(1) (definition of income tax crediting amount )

Omit “ Income Tax (International Agreements) Act 1953 ” (wherever occurring), substitute “ International Tax Agreements Act 1953 ”.