International Tax Agreements Act 1953

International Tax Agreements Act 1953

This Act gives the force of law to certain Treaties and other Agreements with respect to Taxes on Income and Fringe Benefits, and for purposes incidental thereto.

Key Provisions:

The Act outlines various international tax agreements between Australia and foreign governments, including conventions and protocols. These agreements aim to prevent double taxation and fiscal evasion, while also promoting cooperation in the exchange of information and mutual agreement procedures.

Agreements Covered:

The Act covers agreements with countries such as the United States, Canada, Singapore, Italy, Germany, Iceland, India, Indonesia, Ireland, Israel, and others.

Key Sections:

• Section 3 provides definitions for terms used in the Act.
• Section 11 deals with agreements between Australia and foreign governments, including conventions and protocols.
• Section 16 addresses rebates of excess tax on income included in assessable income.
• Section 17A deals with withholding tax.
• Section 18 addresses source of dividends.

Amendments:

This compilation includes amendments made up to, but not commenced at, the compilation date.