Laws Pass that will Boost Australia-NZ Business and Crackdown on Harmful Tax Practices
25 February 2010
The Assistant Treasurer today welcomed the passage through Parliament of the International Tax Agreements Amendment Bill (No. 2) 2009 as an important step in further boosting Australia-New Zealand business links and in the international fight against harmful offshore tax practices.
The Bill enacts Australia's new tax treaty arrangements with New Zealand and also with the European jurisdictions of Belgium and Jersey.
The New Zealand agreement is a comprehensive tax treaty which will replace the current treaty between Australia and New Zealand when it enters into effect.
The Belgian agreement is a protocol which will amend the existing Australia-Belgium tax treaty by upgrading the 'exchange of information' article to the current international standard.
The Jersey agreement will allocate taxing rights between Australia and Jersey over certain income derived by retirees, government employees and students, and provide a mechanism to help resolve transfer pricing disputes.
The Bill enacts into law these three agreements by inserting the text of each agreement into the International Tax Agreements Act 1953 and will come into force at Royal Assent.
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