International Tax Agreements Amendment Act 2016 (64 of 2016)
Schedule 1 Amendments
Part 2 Technical amendments
Taxation (Interest on Overpayments and Early Payments) Act 1983
10 Subsection 3A(1A)
Repeal the subsection, substitute:
(1A) For the purposes of this Act, a decision to which this Act applies is made to provide correlative relief for economic double taxation if:
(a) there is a double tax agreement applying to Australia and one of the following (a treaty partner ):
(i) a foreign country or a constituent part of a foreign country;
(ii) an overseas territory; and
(b) the treaty partner taxes profits, or purports to tax profits, in accordance with, or consistent with the principles of:
(i) if the treaty partner is the United Kingdom - Article 9 of the United Kingdom convention (within the meaning of the International Tax Agreements Act 1953); or
(ii) otherwise - a corresponding provision of another double tax agreement; and
Note: Article 9 of the United Kingdom convention deals with profits of associated enterprises.
(c) the decision is made in giving effect to subsection 24(3) of that Act.