International Tax Agreements Amendment Act (No. 1) 2006 (Cth)

International Tax Agreements Amendment Act (No. 1) 2006

No. 100, 2006

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

Contents 1 Short title 2 Commencement 3 Schedule(s)

Schedule 1—Mutual assistance in collection of tax debts Income Tax Assessment Act 1997 Taxation Administration Act 1953 Taxation (Interest on Overpayments and Early Payments) Act 1983

Schedule 2—Exchange of information International Tax Agreements Act 1953 Taxation Administration Act 1953

Schedule 3—The New Zealand protocol International Tax Agreements Act 1953

International Tax Agreements Amendment Act (No. 1) 2006

No. 100, 2006

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

[Assented to 14 September 2006]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the International Tax Agreements Amendment Act (No. 1) 2006.

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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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

Income Tax Assessment Act 1997

1 Subsection 995‑1(1) Insert:

foreign revenue claim has the meaning given by section 263‑10 in Schedule 1 to the Taxation Administration Act 1953.

Taxation Administration Act 1953

2 Subsection 8AAB(5) (after table item 17J) Insert: 17K 263‑30 in Schedule 1 Taxation Administration Act 1953

3 Section 8AAZA (definition of credit) Repeal the definition, substitute:

credit includes: (a) an amount that the Commissioner must pay to a taxpayer under a taxation law (other than the Product Grants and Benefits Administration Act 2000), whether or not described as a credit; and (b) an amount received by the Commissioner in respect of a taxpayer as a result of the Commissioner having made a claim that is similar in nature to a foreign revenue claim (as defined in section 263‑10 in Schedule 1).