On 23 March 2011, International Tax Agreements Amendment Bill (No 1) 2011 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum.
SCHEDULE 1 to the Bill amends the International Tax Agreements Act 1953 (Agreements Act 1953) to modify and streamline its structure, and remove the majority of the existing Schedules to that Act. Schedule 1 is not intended to alter the entry into force or application of Australia’s tax treaties.
Specifically, the Agreements Act 1953 will be shortened by omitting all of the Schedules to the Act (with the exception of the Schedule containing the Taipei agreement), and instead incorporating treaties by reference to other accessible resources, principally the Australian Treaty Series online database of treaties. This will substantially reduce the size of the Agreements Act 1953.
SCHEDULE 2 to the Bill amends the Agreements Act 1953 to give the force of law in Australia to new taxation agreements with Aruba, Chile, the Cook Islands, Guernsey, Malaysia, Samoa and Turkey.