International Tax Agreements Amendment Act (No. 1) 2010 (Cth)

International Tax Agreements Amendment Act (No. 1) 2010

No. 13, 2010

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

Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendments Income Tax Assessment Act 1997 International Tax Agreements Act 1953

International Tax Agreements Amendment Act (No. 1) 2010 No. 13, 2010

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

[Assented to 11 March 2010]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the International Tax Agreements Amendment Act (No. 1) 2010.

2 Commencement This Act commences on the day this Act 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3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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—Amendments

Income Tax Assessment Act 1997

1 Paragraph 125‑60(4)(a) Repeal the paragraph, substitute: (a) the appointment of common (or almost identical) boards of directors, except where the effect of the relevant regulatory requirements prevents this; and

2 Application The amendment of the Income Tax Assessment Act 1997 made by this Schedule applies in relation to CGT events happening on or after the commencement of this Schedule.

International Tax Agreements Act 1953

3 Subsection 3(1) (after paragraph (ca) of the definition of agreement) Insert: (caa) the 1995 New Zealand agreement; or (cab) the 1995 New Zealand agreement as amended by the 2005 New Zealand protocol; or

4 Subsection 3(1) Insert: the 1995 New Zealand agreement means the Agreement between the Government of Australia and the Government of New Zealand for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, being the agreement signed at Melbourne on 27 January 1995.