5. Subject to this Act, the provisions of the United Kingdom Agreement, to the extent that these provisions relate to Australian tax, have the force of law with respect to the taxation of income in the income year of income that began on the first day of July, i.e. 1.9 hundred and fifty-three, and for the income of all subsequent years of income during which the agreement remains in force. Income from sources within a contracting state by a religious, scientific, educational or charitable organization of the other State party is exempt from taxation by the state from which the income originates if, within the meaning of state law, if established in that state, that organization would be exempt from tax for that income if it were established in that state. and if, within the meaning of the other state`s legislation, it was exempt for income from sources in that other state. 2. Where income from the personal activity of an artist or sportsman as such is not paid to that artist or sportsman, but to another person, such income may be taxed, notwithstanding Articles 7, 14 and 15, in the territory where the activities of the artist or athlete are carried out. (9) For reasons of disposition of an agreement, expressions used in or in a specific provision of this agreement that are not otherwise defined for the purposes of this agreement or this particular provision do not affect the interpretation of this particular agreement or provision under Australian law. , as the case may be, with respect to the meaning of expressions other than copyright expression. The 2002 treaty with Mexico is a comprehensive tax system designed to end the impact of double taxation that would otherwise apply to Australian and Mexican residents who would derive income, profits or profits from Mexico or Australia.
The likely effects of a decline in Australian tax revenues as a result of this contract are considered small, while indirect benefits translate into increased trade and investment between the two countries. The statutory explanatory statement indicates that the estimated cost of Australian revenues will be approximately $2 million (see page 11 of the explanatory statement) offset by indirect benefits. The schedules in Volume 1 of the International Tax Agreements Act 1953 are: (n) the term “industrial or commercial profits” includes profits from an industrial or commercial business or business, but no income in the form of dividends, interest, rents, royalties, royalties, management fees, personal service compensation or income from the operation of ships or aircraft; (i) 10% of the gross amount of dividends, as long as the dividends were fully “franchised” under the federal law of that territory with respect to its income tax; and that income tax on this gross amount is higher than the UK net dividend rate for UK tax purposes, where the net tax rate is lower than the UK income tax rate, net of the UK double taxation allowance.