New International Tax Arrangements (Foreign-owned Branches and Other Measures) Act 2005 (Cth)

New International Tax Arrangements (Foreign‑owned Branches and Other Measures) Act 2005

No. 64, 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—Dividends received by foreign‑owned branches Income Tax Assessment Act 1936 Income Tax Assessment Act 1997

Schedule 2—Amendments relating to CFCs Income Tax Assessment Act 1936 Income Tax Assessment Act 1997

Schedule 3—Australian permanent establishments of foreign financial entities

Part 1—Treatment like Australian branches of foreign banks Income Tax Assessment Act 1936 Income Tax Assessment Act 1997

Part 2—Transfers of losses Income Tax Assessment Act 1997

Part 3—Thin capitalisation Income Tax Assessment Act 1997 Income Tax (Transitional Provisions) Act 1997

Schedule 4—Cross border employee shares or rights

Part 1—Amendments Fringe Benefits Tax Assessment Act 1986 Income Tax Assessment Act 1936 Income Tax Assessment Act 1997

Part 2—Application provisions

Schedule 5—Technical correction New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004

New International Tax Arrangements (Foreign-owned Branches and Other Measures) Act 2005

No. 64, 2005

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

[Assented to 26 June 2005]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the New International Tax Arrangements (Foreign‑owned Branches and Other Measures) Act 2005.

2 Commencement

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent. 26 June 2005 2. Schedule 1 The day on which this Act receives the Royal Assent. 26 June 2005 3. Schedule 2 The day after this Act receives the Royal Assent. 27 June 2005 4. Schedules 3 and 4 The day on which this Act receives the Royal Assent. 26 June 2005 5. Schedule 5 Immediately after the commencement of item 140 of Schedule 2 to the New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004. 29 June 2004