INCOME TAX (INTERNATIONAL AGREEMENTS) ACT 1975

No. 119 of 1975

An Act to amend the Income Tax (International Agreements) Act 1953-1974.

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—

Short title and citation.

1. (1) This Act may be cited as the Income Tax (International Agreements) Act 1975.

(2) The Income Tax (International Agreements) Act 1953-1974, as amended by this Act, may be cited as the Income Tax (International Agreements) Act 1953-1975.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Ascertainment of Australian tax.

3. Section 15 of the Income Tax (International Agreements) Act 1953-1974 is amended—

(a) by omitting paragraphs (a) and (b) of the definition of “the average rate of Australian tax” in sub-section (1) and substituting the following paragraphs:–

“(a) he were not entitled to any rebate of tax (other than a rebate under sub-section (7) of section 23ab, section 79a or 79b or Subdivision A of Division 17 of Part III of the Assessment Act, or under an Act imposing income tax for the year of tax) or credit against his liability for tax; and

(b) he were not liable to pay additional tax under Division 7 of Part III of the Assessment Act,”;

(b) by omitting sub-sections (3a) and (3b); and

(c) by omitting from sub-section (4) the words “the preceding provisions of this section” and substituting the word “sub-section (3)’’.

Application.

4. The amendments made by section 3 apply in relation to assessments and in relation to the determination of credits, in respect of income of the year of income that commenced on 1 July 1975, and in respect of income of all subsequent years of income.