Australian Tax Treaties
Article 2 of the Convention is amended by omitting paragraph (1) and substituting:
" (1)
The existing taxes to which this Convention shall apply are:
(a) in the United States: the Federal income taxes imposed by the Internal Revenue Code; and
(b) in Australia:
(i) the Australian income tax, including tax on capital gains; andimposed under the federal law of Australia. "
(ii) the resource rent tax in respect of offshore projects relating to exploration for or exploitation of petroleum resources,
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