House of Representatives

New International Tax Arrangements (Participation Exemption and Other Measures) Bill 2004

New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

Index

Schedule 1: CGT concession: active foreign companies

Bill reference Paragraph number
Item 1 1.225
Item 2 1.227
Item 3, paragraph 768-505(1)(a) 1.37, 1.43, 1.47
Item 3, paragraph 768-505(1)(b) 1.21
Item 3, paragraph 768-505(1)(c) 1.23
Item 3, subsection 768-505(2) 1.18, 1.50, Example 1.15
Item 3, section 768-510 1.62
Item 3, subsection 768-510(1) 1.60
Item 3, subsection 768-510(2) 1.67
Item 3, paragraph 768-510(2)(a) 1.67
Item 3, paragraph 768-510(2)(b) 1.67
Item 3, subsection 768-510(3) 1.79
Item 3, paragraph 768-510(3)(a) 1.79
Item 3, paragraphs 768-510(3)(b) and (c) 1.91
Item 3, subsection 768-510(4) 1.61, 1.99, 1.158
Item 3, section 768-515 1.62, 1.65, 1.188
Item 3, subsection 768-515(1) 1.61
Item 3, subsection 768-515(2) 1.61
Item 3, subsection 768-515(3) 1.66
Item 3, section 768-520 1.194
Item 3, subsection 768-520(1) 1.53, 1.69, 1.75, 1.144
Item 3, step 1 in the method statement in subsection 768-520(1) 1.76
Item 3, step 5 in the method statement in subsection 768-520(1) 1.56
Item 3, subsection 768-520(2) 1.78, 1.145, 1.108
Item 3, note to subsection 768-520(2) 1.157
Item 3, item 1 in the table in subsections 768-520(2) Example 1.14, Example 1.15
Item 3, item 2 in the table in subsection 768-520(2) 1.150, Example 1.14
Item 3, subsection 768-520(3) 1.144
Item 3, section 768-525 1.194
Item 3, subsection 768-525(1) 1.53, 1.85
Item 3, step 5 in the method statement in subsection 768-525(1) 1.56
Item 3, subsection 768-525(2) 1.80, 1.89, 1.192
Item 3, subsection 768-525(3) 1.80, 1.89, 1.192
Item 3, subsection 768-525(4) 1.98, 1.108, 1.145
Item 3, item 1 in the table in subsection 768-525(4) Example 1.14, Example 1.15
Item 3, item 2 in the table in subsection 768-525(4) 1.150, Example 1.14
Item 3, note to subsection 768-525(4) 1.157
Item 3, paragraph 768-525(5)(a) 1.94
Item 3, paragraph 768-525(5)(b) 1.94
Item 3, subsection 768-525(6) 1.92
Item 3, section 768-530 1.55, 1.123, 1.185
Item 3, subsection 768-530(1) 1.212
Item 3, subsection 768-530(2) 1.192
Item 3, subsection 768-530(3) 1.186, 1.187, 1.191, 1.192, 1.197
Item 3, subsection 768-530(4) 1.186, 1.187, 1.196, 1.197, 1.199, 1.200
Item 3, subsection 768-530(5) 1.203
Item 3, section 768-535 1.55, 1.148
Item 3, subsection 768-535(1) 1.217
Item 3, subparagraphs 768-535(1)(b)(ii) and (iii) 1.212
Item 3, paragraph 768-535(1)(c) 1.220
Item 3, subsection 768-535(2) 1.216
Item 3, subsection 768-535(3) 1.216
Item 3, subsection 768-535(4) 1.221
Item 3, subsection 768-535(5) 1.221
Item 3, subsection 768-535(6) 1.223
Item 3, paragraph 768-540(1)(a) 1.105, 1.135
Item 3, subparagraph 768-540(1)(b)(i) 1.106
Item 3, subparagraph 768-540(1)(b)(ii) 1.107
Item 3, subparagraph 768-540(1)(b)(iii) 1.108
Item 3, paragraph 768-540(1)(c) 1.109
Item 3, paragraph 768-540(1)(d) 1.112
Item 3, paragraph 768-540(1)(e) 1.165
Item 3, subsection 768-540(2) 1.112
Item 3, paragraph 768-540(2)(a) 1.113, 1.115
Item 3, paragraph 768-540(2)(b) 1.118
Item 3, paragraph 768-540(2)(c) 1.119, 1.160
Item 3, paragraph 768-540(2)(d) 1.122
Item 3, paragraph 768-540(2)(e) 1.124
Item 3, paragraph 768-540(2)(f) 1.127
Item 3, paragraph 768-540(2)(g) 1.129
Item 3, subsection 768-540(3) 1.165
Item 3, paragraph 768-540(3)(a) 1.117, 1.128
Item 3, paragraph 768-540(3)(b) 1.132
Item 3, subsection 768-540(3) 1.167
Item 3, paragraph 768-540(1)(e) 1.168
Item 3, paragraph 768-540(4)(a) 1.169
Item 3, paragraph 768-540(4)(b) 1.173
Item 3, subsection 768-545(1) 1.134
Item 3, paragraph 768-545(1)(c) 1.97, 1.116, 1.138, 1.165, 1.177, 1.202
Item 3, subsection 768-545(2) 1.142
Item 3, subsection 768-545(3) 1.142
Item 3, paragraph 768-545(3)(b) 1.141
Item 3, subsection 768-545(4) 1.142
Item 3, section 768-550 Example 1.14
Item 3, subsection 768-550(1) 1.40, 1.126
Item 3, paragraph 768-550(1)(b) 1.41
Item 3, subsection 768-550(2) 1.41, 1.159
Item 3, subsection 768-555(1) 1.154
Item 3, subsection 768-555(2) 1.155
Item 3, section 768-560 1.154
Items 4 to 9 1.228
Items 10 to 14 1.229
Item 14, definition of 'foreign general insurance company' in subsection 995-1(1) 1.183
Item 15 1.229
Item 15, definition of 'foreign life insurance company' in subsection 995-1(1) 1.180
Items 16 and 17 1.229
Item 17, definition of 'recognised company accounts' in subsection 995-1(1) 1.81
Item 17, definition of 'recognised company accounts' in subsection 995-1(1) 1.81
Items 18 to 20 1.229

Schedule 2: Foreign branch income, non-portfolio dividends and listed countries

Bill reference Paragraph number
Item 1, subsections 23AH(2) and (3) 2.23
Item 1, subsection 23AH(4) 2.35
Item 1, subsection 23AH(5) 2.25, 2.31
Item 1, subsection 23AH(6) 2.36
Item 1, subsection 23AH(7) 2.25, 2.32
Item 1, subsection 23AH(8) 2.37
Item 1, subsection 23AH(10) 2.40, 2.41, 2.42
Item 1, subsection 23AH(11) 2.43, 2.44, 2.45, 2.46
Item 1, subsection 23AH(12) 2.26
Item 1, subsection 23AH(13) 2.28
Item 1, subsection 23AH(14) 2.29
Item 2, subsection 63D(1) 2.112
Item 3, subsection 63D(2) 2.112
Item 4, section 23AJ 2.15
Item 5, paragraph 389(a) 2.49
Item 6 2.49, 2.65
Item 7, section 403 2.49, 2.58
Item 8 2.52, 2.64
Items 16 to 19, subsections 47A(2), (7) and (16) 2.62
Item 17, subsection 47A(2) 2.61
Item 25, subsections 128TA(1) and (2) 2.115
Items 27 and 28 2.115
Item 37 2.73
Item 38, section 160AFCB 2.82
Item 39 2.83
Item 41, subsection 160AFCD(2) 2.86
Item 41, subsection 160AFCD(2) definition of 'underlying tax' 2.90
Item 43, subsection 160AFCJ(4) 2.86
Item 43, subsection 160AFCJ(4) definition of 'underlying tax' 2.92
Item 44 2.77
Items 51 and 52 2.96
Item 55 2.98
Item 57 2.15
Item 58 2.58
Item 67 2.80
Item 69, paragraph 423(2)(d) 2.66
Item 70, paragraph 436(1)(e) 2.50
Items 71 2.69
Item 72, subsection 457(2) definition of 'adjusted distributable profits' 2.70
Item 72, subsection 457(2) definition of 'adjusted distributable profits' 2.71
Item 73 2.69
Item 81, item 3 in the table in subsection 116-85(1) of the ITAA 1997 2.67
Item 82 2.67
Items 85 and 86 2.102
Item 87, subsection 320(1) 2.103
Item 89, subsection 320(1) definition of 'section 404 country' 2.104
Item 90, section 404 2.104

Schedule 3: Tainted services income

Bill reference Paragraph number
Item 1, paragraph 448(1)(a) 3.14
Item 1, subparagraph 448(1)(a)(ii) 3.20
Item 2, paragraph 448(1)(c) 3.15
Item 3, subparagraph 448(1)(d)(i) 3.15, 3.20
Item 4 3.32
Item 4, paragraph 448(1)(e) 3.15
Item 4, subparagraph 448(1)(e)(ii) 3.20
Item 4, paragraph 448(1)(f) 3.15, 3.18
Item 4, paragraph 448(1)(g) 3.21
Item 5, subsection 448(1A) 3.21
Item 5, paragraphs 448(1A)(a) to (d) 3.25
Item 5, paragraphs 448(1A)(a) and (f) 3.27
Item 5, paragraph 448(1A)(e) 3.31
Item 6 3.16
Item 7, subparagraph 450(6)(c)(i) 3.15, 3.20
Item 8, subparagraph 450(7)(d)(i) 3.15, 3.20
Item 9, subparagraph 450(8)(b)(i) 3.15, 3.20
Item 10 3.33

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