Petroleum (Timor Sea Treaty) Act 2003

Schedule 1 - Timor Sea Treaty  

Note: This is the copy of the Treaty referred to in the definition of Treaty in subsection 5(1) of this Act.

Annex G under Article 13(b) of this Treaty  

Taxation Code for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion in Respect of Activities Connected with the Joint Petroleum Development Area

Article 15   Fringe benefits  
For the purposes of the taxation law of Australia, the amount of Australian fringe benefits tax payable in relation to fringe benefits provided to employees in a year, in respect of employment exercised in the JPDA, shall be:

(a) in the case of such employees who are residents of Australia, the fringe benefits tax may be applied without reduction;

(b) in respect of employees who are residents of East Timor, the fringe benefits tax shall not be applied; and

(c) in respect of employees who are not residents of either Contracting State, the amount payable shall be reduced by the reduction percentage.