AUSTRALIAN TAX TREATIES

Cook Islands Agreement  

AGREEMENT BETWEEN THE GOVERNMENT OF AUSTRALIA AND THE GOVERNMENT OF THE COOK ISLANDS ON 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  

ARTICLE 5   Pensions and Retirement Annuities  

1  
Pensions (including government pensions) and retirement annuities paid to an individual who is a resident of a Contracting Party shall be taxable only in that Party. However, pensions and retirement annuities arising in a Contracting Party may be taxed in that Party where such income is not subject to tax in the other Contracting Party.

2  
The term " retirement annuity " means:


(a) in the case of Australia, a superannuation annuity payment within the meaning of the taxation laws of Australia;


(b) in the case of the Cook Islands, an annuity payment that is not an approved annuity within the meaning of the taxation laws of the Cook Islands; and


(c) any other similar periodic payment agreed upon by the competent authorities.




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