Income Tax (International Agreements) (No. 2)

No. 86 of 1967

An Act to amend the Income Tax (International Agreements) Act 1953–1966, as amended by the Income Tax (International Agreements) Act 1967, in relation to Withholding Tax.

[Assented to 8 November 1967]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Income Tax (International Agreements) Act (No. 2) 1967.

(2.) The Income Tax (International Agreements) Act 1953–1966, as amended by the Income Tax (International Agreements) Act 1967, is in this Act referred to as the Principal Act.

(3.) Section 1 of the Income Tax (International Agreements) Act 1967 is amended by omitting sub-section (2.).

(4.) The Principal Act, as amended by this Act, may be cited as the Income Tax (International Agreements) Act 1953–1967.

Commencement.

2. This Act shall come into operation on the first day of January, One thousand nine hundred and sixty-eight.

Ascertainment of Australian tax on dividend.

3. Section 16 of the Principal Act is amended by omitting from sub-section (8.) the definition of “Australian tax” and inserting in its stead the following definition:—

“‘Australian tax’ means Australian tax other than withholding tax;”.

Withholding tax.

4. Section 17a of the Principal Act is amended by omitting the words “dividend (withholding) tax” (wherever occurring) and inserting in their stead the words “withholding tax”.

Saving.

5. The reference in the definition of “Australian tax” in sub-section (8.) of section 16, and each reference in section 17a, of the Principal Act as amended by this Act to withholding tax shall, on and after the day on which this Act comes into operation, be read as including a reference to dividend (withholding) tax as defined by sub-section (1.) of section 35 of the Income Tax Assessment Act (No. 4) 1967.