Document ID: chunk:federal_register_of_legislation:C2004A01208:schedule:1:p3
Version: federal_register_of_legislation:C2004A01208
Segment Type: schedule
Provision Reference: sch 1 (pt 3/12)
Character Range: 10748–13458

has been granted permanent residency status; and any company deriving its status as such from the law in force in Australia;

       (m)      the term "business" includes the performance of professional services and of other activities of an independent character;

       (n) the term "tax" means Australian tax or United Kingdom tax as the context requires, but does not include any penalty or interest imposed under the law of either Contracting State relating to its tax;

       (o)          the term "recognised stock exchange" means:

          (i)           the Australian Stock Exchange and any other Australian stock exchange recognised as such under Australian law;

          (ii)         the London Stock Exchange and any other United Kingdom investment exchange recognised under United Kingdom law; or

          (iii)       any other stock exchange agreed upon by the competent authorities.

2 A partnership deriving its status from Australian law as a limited partnership which is treated as a taxable unit under the law of Australia shall be treated as a person for the purposes of this Convention.

3 As regards the application of this Convention at any time by a Contracting State, any term not defined therein shall, unless the context otherwise requires, have the meaning that it has at that time under the laws of that State for the purposes of the taxes to which this Convention applies, any meaning under the applicable tax laws of that State prevailing over a meaning given to the term under other laws of that State.

ARTICLE 4

Residence

1 For the purposes of this Convention, a person is a resident of a Contracting State:

        (a) in the case of the United Kingdom, if the person is a resident of the United Kingdom for the purposes of United Kingdom tax; and

        (b) in the case of Australia, if the person is a resident of Australia for the purposes of Australian tax.

A Contracting State or a political subdivision or local authority of that State is also a resident of that State for the purposes of this Convention.

2 A person is not a resident of a Contracting State for the purposes of this Convention if that person is liable to tax in that State in respect only of income or gains from sources in that State.

3 The status of an individual who, by reason of the preceding provisions of this Article is a resident of both Contracting States, shall be determined as follows:

        (a) that individual shall be deemed to be a resident only of the Contracting State in which a permanent home is available to that individual; but if a permanent home is available in both States, or in neither of them, that individual shall be deemed to be a resident only of the