Document ID: chunk:federal_register_of_legislation:C2010A00013:schedule:50:p1
Version: federal_register_of_legislation:C2010A00013
Segment Type: schedule
Provision Reference: sch 50 (pt 1/5)
Character Range: 87977–91011

Schedule 50—The Jersey agreement
Note: See section 3.

AGReement between the Government of Australia and the Government of Jersey for the Allocation of Taxing Rights with respect to Certain Income of Individuals and to Establish a Mutual Agreement Procedure in respect OF Transfer Pricing Adjustments

The Government of Australia and the Government of Jersey ("the Parties"),

Recognising that the Parties have concluded an Agreement for the Exchange of Information with Respect to Taxes, and

Desiring to conclude an Agreement for the allocation of taxing rights with respect to certain income of individuals and to establish a mutual agreement procedure in respect of transfer pricing adjustments,

Have agreed as follows:

ARTICLE 1
PERSONS COVERED

 This Agreement shall apply to persons who are residents of one or both of the Parties.

ARTICLE 2
TAXES COVERED

1 The existing taxes to which this Agreement shall apply are:

       (a) in Australia, the income tax imposed under the federal law of Australia; (hereinafter referred to as "Australian tax").

       (b) in Jersey the income tax;
       (hereinafter referred to as "Jersey tax").

2 This Agreement shall also apply to any identical or substantially similar taxes which are imposed after the date of signature of this Agreement in addition to, or in place of, the existing taxes. The competent authorities of the Parties shall notify each other within a reasonable period of time of any substantial changes to the taxation laws covered by this Agreement.

3 This Agreement shall not apply to taxes imposed by states, municipalities, local authorities or other political subdivisions, or possessions of a Party.

ARTICLE 3
DEFINITIONS

1 For the purposes of this Agreement, unless the context otherwise requires:

       (a) "Australia", when used in a geographical sense, excludes all external territories other than:

           (i) the Territory of Norfolk Island;

           (ii) the Territory of Christmas Island;

           (iii) the Territory of Cocos (Keeling) Islands;

           (iv) the Territory of Ashmore and Cartier Islands;

           (v) the Territory of Heard Island and McDonald Islands; and

           (vi) the Coral Sea Islands Territory,

       and includes any area adjacent to the territorial limits of Australia (including the Territories specified in this subparagraph) in respect of which there is for the time being in force, consistently with international law, a law of Australia dealing with the exploration for or exploitation of any of the natural resources of the seabed and subsoil of the continental shelf;

       (b) "Jersey" means the Bailiwick of Jersey, including its territorial sea;

       (c) "competent authority" means, in the case of Australia, the Commissioner of Taxation or an authorised representative of the Commissioner and, in the case of Jersey, the Treasury and Resources Minister or an authorised representative of the Minister;

       (d) "Party" means Australia or Jersey, as the context