INCOME TAX ASSESSMENT ACT 1997 - SECT 764.5 Source rule for international tax agreements

INCOME TAX ASSESSMENT ACT 1997 - SECT 764.5

  (1)   For the purposes of this Act, income, profits or gains have a source in Australia if:

  (a)   for the purposes of an * international tax agreement, the income, profits or gains are those of a person who is a resident of a foreign country or foreign territory; and

  (b)   the effect of the agreement is that the income, profits or gains may be taxed in Australia.

  (2)   Subsection   (1) applies in relation to * international tax agreements made on or after 28   March 2019.

Note:   An international tax agreement not covered by this section may be subject to specific source rules contained in the International Tax Agreements Act 1953 or in the international tax agreement itself.

  (3)   This section has effect despite any other provision of this Act (other than Part   IVA of the Income Tax Assessment Act 1936 ).

Table of Subdivisions

768 - A   Returns on foreign investment

768 - B   Some items of income that are exempt from income tax

768 - G   Reduction in capital gains and losses arising from CGT events in relation to certain voting interests in active foreign companies

768 - R   Temporary residents