New International Tax Arrangements (Managed Funds and Other Measures) Act 2005 (Cth)

New International Tax Arrangements (Managed Funds and Other Measures) Act 2005

No. 21, 2005

An Act to amend the law relating to taxation, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—CGT and foreign residents Income Tax Assessment Act 1997

Schedule 2—Treaty source rules International Tax Agreements Act 1953

Schedule 3—Interest withholding tax

Part 1—Updating certain concepts Income Tax Assessment Act 1936 Income Tax Assessment Act 1997

Part 2—Interests that are debt interests under the regulations Income Tax Assessment Act 1936

Part 3—Transfer of assets and debts from Australian subsidiaries of foreign banks Financial Corporations (Transfer of Assets and Liabilities) Act 1993

Part 4—Application

New International Tax Arrangements (Managed Funds and Other Measures) Act 2005

No. 21, 2005

An Act to amend the law relating to taxation, and for related purposes

[Assented to 21 March 2005]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the New International Tax Arrangements (Managed Funds and Other Measures) Act 2005.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—CGT and foreign residents

Income Tax Assessment Act 1997

1 Section 12‑5 (at the end of table item headed "capital gains") Add:

see also foreign residents

2 Section 12‑5 (table) Insert in its appropriate alphabetical position, determined on a letter‑by‑letter basis:

foreign residents company beneficiary of fixed trust, offsetting share of net income that includes a capital gain 768‑615