30 Sep 14 International Tax Agreements Amendment Bill 2014 receives Royal Assent
On 24 September 2014, International Tax Agreements Amendment Bill 2014 received Royal Assent as Act No 105 of 2014.
The Act amends the International Tax Agreements Act 1953 to give legislative effect to the Convention between Australia and the Swiss Confederation for the Avoidance of Double Taxation with Respect to Taxes on Income and its Protocol ), which was signed in Sydney on 30 July 2013, and to make technical amendments.
The Swiss Convention must first enter into force. For entry into force, Australia and Switzerland are required to provide notification to each other on the completion of the necessary domestic procedures. Once the Convention enters into force, it will take effect in Australia in four stages, namely:
- in respect of fringe benefits tax, on fringe benefits provided on or after 1 April next following entry into force;
- in respect of withholding tax on income derived by a resident of Switzerland, on income derived on or after 1 January next following entry into force;
- in respect of other Australian tax, on income, profits or gains derived in the income year beginning 1 July next following entry into force; and
- in respect of exchange of information, to information that relates to taxation or business years in course on, or beginning on or after, 1 January next following entry into force.