Commonwealth Numbered Acts

INCOME TAX (INTERNATIONAL AGREEMENTS) AMENDMENT ACT 1980 No. 23 of 1980 - SECT 4

4. After section 5 of the Principal Act the following section is inserted:
Protocol with the Government of the United Kingdom

"5A. (1) Subject to this Act, on and after the date of entry into force of the
United Kingdom protocol, the provisions of the protocol, so far as those
provisions affect Australian tax, have, and shall be deemed to have had, the
force of law.



"(2) As soon as practicable after the entry into force of the United Kingdom
protocol in accordance with Article III of the protocol, the Treasurer shall
cause to be published in the Gazette a notice specifying the date on which the
protocol entered into force, and the date so notified shall, for the purposes
of this Act, be conclusively presumed to be the date of entry into force of
the protocol.



"(3) Where an amount of tax credit is to be treated as assessable income of a
taxpayer in accordance with paragraph (2) of Article 8 of the United Kingdom
agreement-

   (a)  the amount of the tax credit shall be included in the assessable
        income of the taxpayer of the year of income in which the dividend to
        which the tax credit relates is paid; and

   (b)  the amount of the tax credit shall be added to the amount of the
        dividend to which the tax credit relates and the sum of the two
        amounts shall be deemed to be one dividend for the purposes of this
        Act and the Assessment Act.".