Document ID: chunk:federal_register_of_legislation:C2004A02224:body:0:p4
Version: federal_register_of_legislation:C2004A02224
Segment Type: other
Provision Reference: 
Character Range: 7307–9979

11 or paragraph (1) of Article 12 of the Philippine agreement applies, where the income is derived, in the year of income beginning on 1 July in the calendar year in which the agreement enters into force, or a subsequent year of income, from sources in the Philippines;
          "(ai) income being interest or royalties to which paragraph (1) of Article 11 or paragraph (1) of Article 12 of the Swiss agreement applies, where the income was derived in the year of income that commenced on 1 July 1979, or a subsequent year of income, from sources in Switzerland; or".
(2) If a taxpayer derived, on or before 28 February 1980, income to which paragraph 12(1)(ai) of the Principal Act, as amended by this Act, applies, that paragraph in its application in relation to that income shall not operate to increase the Australian tax payable by the taxpayer in respect of the year of income unless there is a decrease, by virtue of the Swiss agreement, in the tax payable under the law of Switzerland in respect of that income and, where there is such a decrease, the amount of the increase shall not exceed the amount of the decrease expressed in Australian currency.
(3) The Commissioner may amend an assessment made before the date of entry into force of the Swiss agreement for the purpose of giving effect to paragraph 12(1)(ai) of the Principal Act, as amended by this Act (including that paragraph as affected by sub-section (2) of this section).

Deductions for United Kingdom tax not to be taken into account in calculating amount of dividend, interest or royalty
7. Section 13 of the Principal Act is amended—
     (a) by inserting after sub-section (1) the following sub-section:
    "(1a) Sub-section (1) does not apply in relation to dividends to which Article 8 of the United Kingdom agreement applies, being dividends derived on or after 6 April 1977 and in relation to which that agreement remains effective."; and
     (b) by omitting from sub-section (2) "the last preceding sub-section" and substituting "sub-section (1)".

Schedules 1a, 14 and 15
8. The Principal Act is amended—
     (a) by inserting after Schedule 1 the Schedule set out in Schedule 1 to this Act; and
     (b) by adding at the end thereof the Schedules set out in Schedule 2 to this Act.

Transitional provisions with respect to the protocol with the Government of the United Kingdom
9. (1) In this section, "amendments to which this section applies" means the amendments made by paragraph 3(c) and section 4.
(2) The amendments to which this section applies do not affect the operation of the Income Tax (International Agreements) Act 1953 with respect to any Australian tax, other than