Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)
Schedule 5 AMENDMENTS RELATING TO THE PAYMENT OF INTEREST ON OVERPAYMENTS AND EARLY PAYMENTS
Part 2 TAXATION (INTEREST ON OVERPAYMENTS) ACT 1983
10 After section 3
Insert in Part I:
Provision of correlative relief
"3A. (1) For the purposes of this Act, a decision to which this Act applies is made, or the applying of an income tax crediting amount takes place, to 'provide correlative relief' in respect of the taxing of an amount under a law of a foreign country if:
(a) there is a double tax agreement between Australia and the foreign country; and
(b) a provision of the double tax agreement has been prescribed, or the manner of operation of a provision of the double tax agreement has been prescribed, for the purposes of this paragraph; and
(c) the decision is made, or the applying of the income tax crediting amount takes place, in giving effect, or in circumstances that would enable effect to be given, to the provision mentioned in paragraph (b), or to that provision in its operation in the prescribed manner, as a result of the taxing of the amount under the law of the foreign country.
"(2) For the purposes of this Act, a decision to which this Act applies is also made, or the applying of an income tax crediting amount also takes place, to 'provide correlative relief' in respect of the taxing of an amount under a law of a foreign country (the 'primary foreign country') if:
(a) there is no double tax agreement between Australia and the primary foreign country; and
(b) a provision of a double tax agreement between Australia and a foreign country other than the primary foreign country has been prescribed, or the manner of operation of a provision of such an agreement has been prescribed, for the purposes of this paragraph; and
(c) the decision is made, or the applying of the income tax crediting amount takes place, in circumstances that would enable effect to be given to the provision mentioned in paragraph (b), or to that provision in its operation in the prescribed manner, as a result of the taxing of the amount under the law of the primary foreign country, if the double tax agreement had instead been entered into between Australia and the primary foreign country.".