Taxation Ruling

TR 98/21A - Addendum

Income tax: withholding tax implications of cross border leasing arrangements

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Addendum

This Addendum amends Taxation Ruling TR 98/21 to reflect the following:

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changes to the law caused by the repeal of inoperative provisions;

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the release of Accounting Standard AASB 117 Leases;

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the conclusion of a new tax treaty between the United Kingdom and Australia;

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deletion of Australia's observation on Article 12 of the OECD Commentary;

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correct minor typographical errors or words used.

TR 98/21 is amended as follows:

1. Paragraph 21

Omit '(the UK tax treaty) which is Schedule 1 to the International Tax Agreements Act 1953'; substitute 'signed on 7 December 1967 (the former UK tax treaty)'.

2. Paragraph 22

Omit all occurrences of 'the UK tax treaty'; substitute 'the former UK tax treaty'.

3. Paragraph 24

(a) Omit 'the UK tax treaty'; substitute 'the former UK tax treaty'.

(b) Omit 'all'; substitute 'some'.

4. Paragraph 27

Omit 'all'; substitute 'many'.

5. Paragraph 29

Omit ', 30'.

6. Paragraph 70

Omit 'subsections 51AD(1), 82AQ(1)'; substitute 'subsection' 51AD(1)'.

7. Paragraph 93

After 'Australian Accounting Standards AAS17' insert '(superseded by Accounting Standard AASB 117)'.

8. Legislative References

Omit the references; substitute:

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ITAA 1936

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ITAA 1936 6(1)

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ITAA 1936 25(1)

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ITAA 1936 42A-115 Sch 2E

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ITAA 1936 51AD(1)

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ITAA 1936 82(1)

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ITAA 1936 128A(1)

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ITAA 1936 128AC

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ITAA 1936 128AC(1)

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ITAA 1936 128AC(3)

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ITAA 1936 128AC(4)

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ITAA 1936 128AC(5)

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ITAA 1936 128AC(7)

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ITAA 1936 128B

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ITAA 1936 128B(2B)

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ITAA 1936 128B(5A)

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ITAA 1936 128C

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ITAA 1936 128D

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ITAA 1936 Pt III Div 16D

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ITAA 1936 177C

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ITAA 1936 177CA

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ITAA 1936 177D

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ITAA 1936 Pt IVA

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ITAA 1936 Pt VI Div 3B

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ITAA 1997 995-1(1)

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ITAA 1997 995-1(2)

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TAA 1953 Pt IVAA

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Income Tax Assessment Act 1968

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Income Tax Laws Amendment (Royalties) Act 1976

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Taxation Laws Amendment Act (No. 2) 1986

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Taxation Laws Amendment Act (No. 5) 1992

This Addendum applies on and from 14 September 2006.

Commissioner of Taxation
30 June 2010

References

ATO references:
NO 1-21E9LQE