Commonwealth Consolidated Acts

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PETROLEUM (TIMOR SEA TREATY) ACT 2003 - SECT 18

Application of taxation codes in relation to dividends etc.

Continued application of old taxation code

(1) Despite the repeal of the Petroleum (Timor Gap Zone of Cooperation) Act 1990 , the old taxation code continues to apply in relation to: (a) dividends paid; and (b) interest paid; and (c) royalties paid; and (d) gains of a capital nature accrued; and (e) losses of a capital nature incurred; and (f) income in respect of professional services, or other independent activities of a similar character, derived; and (g) salaries, wages and other similar remuneration derived; and (h) other income (but not including business profits) derived;

before 20 May 2002.

Application of new taxation code

(2) Subject to section 19, the new taxation code applies in relation to: (a) dividends paid or credited; and (b) interest paid or credited; and (c) royalties paid or credited; and (d) gains of a capital nature accrued; and (e) losses of a capital nature incurred; and (f) income in respect of professional services, or other independent activities of a similar character, derived; and (g) salaries, wages and other similar remuneration derived; and (h) other income (but not including business profits) derived;

on or after 20 May 2002.

Note: Section 19 deals with the application of the new taxation code in relation to individual residents of East Timor.


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