INTERNATIONAL TAX AGREEMENTS ACT 1953

SECTION 3A   ALIENATION OF REAL PROPERTY THROUGH INTERPOSED ENTITIES  

3A(1)   [Application]  

This section applies if:


(a) an agreement makes provision in relation to income, profits or gains from the alienation or disposition of shares or comparable interests in companies, or of interests in other entities, whose assets consist wholly or principally of real property (within the meaning of the agreement) or other interests in relation to land; and


(b) this Act gave that provision the force of law before 27 April 1998.

3A(2)   [Scope]  

For the purposes of this Act, that provision is taken to extend to the alienation or disposition of shares or any other interests in companies, and in any other entities, the value of whose assets is wholly or principally attributable, whether directly, or indirectly through one or more interposed companies or other entities, to such real property or interests.

3A(3)   [Real property etc to be in Australia]  

However, subsection (2) applies only if the real property or land concerned is situated in Australia (within the meaning of the relevant agreement).

3A(4)   [Future amendments]  

If, after the commencement of this section, this Act is amended so as to give the force of law to an amendment or substitution of a provision mentioned in subsection (1), this section ceases to apply to that provision from the time that the amendment of the Act takes effect.

3A(5)   [Definitions]  

In this section:

entity
has the same meaning as in the Income Tax Assessment Act 1997 , but does not include an individual in his or her personal capacity.




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