Explanatory Memorandum(Circulated by authority of the Treasurer,the Hon. John Kerin, M.P.)
A. GENERAL OUTLINE
The Bill will amend the Income Tax (International Agreements) Act 1953 (IT(IA)A) to give the force of law in Australia to two comprehensive agreements for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The respective agreements cover the various forms of income flows between Australia and India and Australia and Poland.
Any taxpayers who, for the purposes of either agreement, are residents of one of the two countries party to that agreement and who derive income, profits or gains from the other country that is a party to that agreement.
The operation of the agreements contained in this Bill is not expected to have a significant effect on revenue.