Petroleum (Timor Sea Treaty) (Consequential Amendments) Act 2003 (10 of 2003)

Schedule 1   Consequential amendments

Part 1   Amendments

Income Tax Assessment Act 1936

48   After subsection 136AE(8)

Insert:

(8A) In this section:

(a) a reference to income being derived from a source in Australia is to be read as including a separate reference to income being derived from a source in an area in Australia that is covered by an international tax sharing treaty; and

(b) a reference to expenditure being incurred in deriving income from a source in Australia is to be read as including a separate reference to expenditure being incurred in deriving income from a source in an area in Australia that is covered by an international tax sharing treaty.

Note: This means that the following are the 3 different kinds of sources referred to in this section:

(a) a source in Australia (but not in an area covered by an international tax sharing treaty);

(b) a source in an area in Australia that is covered by an international tax sharing treaty;

(c) a source out of Australia.