Commonwealth Numbered Acts

INTERNATIONAL TAX AGREEMENTS AMENDMENT ACT 2003 NO. 123, 2003 - SCHEDULE 3

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 ".