Income Tax Regulations 1936 (Repealed)

SCHEDULE 9  

Regulation 152B


DESIGNATED CONCESSION INCOME
PART 1 - INTERPRETATION

101 In this Schedule, unless the contrary intention appears, words and phrases have the same meanings as they have in Part X of the Act or Part 8A of these Regulations, as the case requires.

Note:

Section 324 of the Act explains the meaning of the expression subject to tax . Section 325 of the Act explains when taxation occurs in a country at the country's normal company tax rate.

PART 2 - ITEMS OF DESIGNATED CONCESSION INCOME


Item Country Entity Kind of income or profit Feature of income or profit under tax law of the country
201 Canada An entity that operates in Canada as an international banking centre under Canadian law All passive income and tainted services income Not subject to tax in Canada in a tax accounting period
202 Canada A company that operates in Canada as an investment corporation, or as a mutual fund corporation, under Canadian tax law All passive income Not taxed in Canada at the normal company tax rate
203 France A company that operates in France as a soci é t é d'investissement à capital variable ( SICAV ) under French law All passive income Not subject to tax in France in a tax accounting period
204 France A company that is treated as a resident of France for the purposes of the tax law of France, and that has elected to be taxed on a tonnage basis rather than on income or profits All income or profits Not used as the basis for establishing the amount of taxable income, taxable profits, tax base or tax liability of the entity under the tax law of France
205 Germany A company that is treated as a resident of Germany for the purposes of the tax law of Germany All passive income in carrying on business outside Germany at or through a permanent establishment Not subject to tax in Germany in a tax accounting period
206 Germany Either:

(a) a company that is treated as a resident of Germany for the purposes of the tax law of Germany; or

(b) any company in carrying on business in Germany at or through a permanent establishment of the company in Germany		 Capital gains in respect of shares in companies Not taxed in Germany at the normal company tax rate
207 Germany A company that is treated as a resident of Germany for the purposes of the tax law of Germany, and that has elected to be taxed on a tonnage basis rather than on income or profits All income or profits Not used as the basis for establishing the amount of taxable income, taxable profits, tax base or tax liability of the entity under the tax law of Germany
208 Japan An entity in carrying on business in Japan at or through a permanent establishment of the entity in that country All income or profits derived from Japanese governmental bonds Not subject to tax in Japan in a tax accounting period
209 New Zealand Either:

(a) a company that is treated as a resident of New Zealand for the purposes of the tax law of New Zealand; or

(b) any entity in carrying on business in New Zealand at or through a permanent establishment of the entity in New Zealand		 Capital gains in respect of tainted assets Not subject to tax in New Zealand in a tax accounting period
210 United Kingdom of Great Britain and Northern Ireland A company that is treated as a resident of the United Kingdom of Great Britain and Northern Ireland for the purposes of the tax law of the United Kingdom of Great Britain and Northern Ireland Capital gains in respect of shares in companies where:

(a) the CGT assets of the companies; or

(b) the underlying CGT assets of the companies held through one of more non-resident entities that are associates;

include CGT assets having the necessary connection with Australia		 Not subject to tax in the United Kingdom of Great Britain and Northern Ireland in a tax accounting period as a consequence of the substantial shareholding exemption available under the tax law of the United Kingdom of Great Britain and Northern Ireland
211 United Kingdom of Great Britain and Northern Ireland A company that is treated as a resident of the United Kingdom of Great Britain and Northern Ireland for the purposes of the tax law of the United Kingdom of Great Britain and Northern Ireland, and that has elected to be taxed on a tonnage basis rather than on income or profits All income or profits Not used as the basis for establishing the amount of taxable income, taxable profits, tax base or tax liability of the entity under the tax law of the United Kingdom of Great Britain and Northern Ireland
212 United Kingdom of Great Britain and Northern Ireland An entity that operates in the United Kingdom of Great Britain and Northern Ireland as a open-ended investment company under the law of the United Kingdom of Great Britain and Northern Ireland All passive income Not taxed in the United Kingdom of Great Britain and Northern Ireland at the normal company tax rate
213 United States of America Either:

(a) a company that is treated as a resident of the United States of America for the purposes of the tax law of the United States of America; or

(b) any entity in carrying on business in the United States of America at or through a permanent establishment of the entity in that country		 All income or profits derived from tax-exempt governmental bonds Not subject to tax in the United States of America in a tax accounting period
214 United States of America An entity that operates in the United States of America as a regulated investment company under the tax law of the United States of America All passive income Not taxed in the United States of America at the normal company tax rate

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