Commonwealth Numbered Acts

INCOME TAX (INTERNATIONAL AGREEMENTS) AMENDMENT ACT 1980 No. 23 of 1980 - SECT 6

6. (1) Section 12 of the Principal Act is amended-

   (a)  by omitting from paragraph (ag) of sub-section (1) "or" (last
        occurring); and

   (b)  by inserting after paragraph (ag) of sub-section (1) the following
        paragraphs:



"(ah) income being interest or royalties to which paragraph (1) of Article 11
or paragraph (1) of Article 12 of the Philippine agreement applies, where the
income is derived, in the year of income beginning on 1 July in the calendar
year in which the agreement enters into force, or a subsequent year of income,
from sources in the Philippines;



"(ai) income being interest or royalties to which paragraph (1) of Article 11
or paragraph (1) of Article 12 of the Swiss agreement applies, where the
income was derived in the year of income that commenced on 1 July 1979, or a
subsequent year of income, from sources in Switzerland; or".

(2) If a taxpayer derived, on or before 28 February 1980, income to which
paragraph 12 (1) (ai) of the Principal Act, as amended by this Act, applies,
that paragraph in its application in relation to that income shall not operate
to increase the Australian tax payable by the taxpayer in respect of the year
of income unless there is a decrease, by virtue of the Swiss agreement, in the
tax payable under the law of Switzerland in respect of that income and, where
there is such a decrease, the amount of the increase shall not exceed the
amount of the decrease expressed in Australian currency.

(3) The Commissioner may amend an assessment made before the date of entry
into force of the Swiss agreement for the purpose of giving effect to para-
graph 12 (1) (ai) of the Principal Act, as amended by this Act (including that
paragraph as affected by sub-section (2) of this section).