A Notice has been Gazetted specifying that the revised double tax agreement (DTA) between Australia and Switzerland entered into force on 14 October 2014.
Having entered into force, the DTA will now take effect in Australia in 4 stages, namely:
- in respect of FBT, on fringe benefits provided on or after 1 April next following entry into force ie 1 April 2015;
- in respect of withholding tax on income derived by a resident of Switzerland, on income derived on or after 1 January next following entry into force ie 1 January 2015;
- in respect of other Australian tax, on income, profits or gains derived in the income year beginning 1 July next following entry into force ie 1 July 2015; and
- in respect of exchange of information, to information that relates to taxation or business years in course on, or beginning on or after, 1 January next following entry into force ie 1 January 2015.
[LTN 205, 23/10/14]