INCOME TAX (INTERNATIONAL AGREEMENTS).
No. 19 of 1960.
An
Act to amend the Income Tax (International Agreements) Act 1953-1959.
[Assented
to 20th May, 1960.]
[Date of commencement, 17th June, 1960.]
BE it enacted by the Queen’s Most Excellent Majesty,
the Senate, and the House of Representatives of the Commonwealth of Australia,
as follows:—
Short
title and citation.
1.—(1.) This Act may be cited as the Income Tax (International Agreements) Act 1960.
(2.) The Income
Tax (International Agreements) Act 1953—1959
is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may
be cited as the Income Tax (International Agreements) Act 1953-1960.
Repeal
of sections 7 to 11 of Principal Act.
2. Sections
seven to eleven (inclusive) of the Principal Act are repealed.
3. Sections
fourteen and fifteen of the Principal Act are repealed and the following
section is inserted in their stead:—
Credit
not to exceed Australian tax.
“14. Where a credit for foreign tax paid or payable
by a person in respect of any income is allowable under the provisions of an
agreement, the amount of that credit shall not exceed the amount of Australian
tax payable in respect of that income.”.
Ascertainment
of Australian tax on dividend.
4. Section
sixteen of the Principal Act is amended by inserting in sub-section (1.), after
the word “agreement”, the words “or for any other purpose of this Act”.
Application
of amendments.
5.