This Bill proposes to amend the (Cth) International Tax Agreements Act 1953 (the principal Act) to give effect to the agreement between Australia and the British Virgin Islands for the allocation of taxing rights with respect to certain income of individuals, which was signed in London on 27 October 2008. Also, the agreement between Australia and the Isle of Man for the allocation of taxing rights in relation to certain individual's income as well as to establish a mutual agreement procedure for transfer pricing adjustments, which was signed in London on 29 January 2009.
The proposed amendments for the principal Act include the terms of the tax treaties which take precedence over the provisions of the (Cth) Income Tax Assessment Act 1936 (except for the general anti-avoidance rules under Pt IVA), (Cth) Income Tax Assessment Act 1997 and (Cth) Fringe Benefits Tax Assessment Act 1986.
Introduced: 19 March 2009 by Chris Bowen MP (Assistant Treasurer and Minister for Competition Policy and Consumer Affairs).