Implementation

• The various agreements in the act are under the regulation of the minister of the Department of the Treasury. The act allows the minister to gather information on the assets and property of Australian citizens and share this information with foreign countries if there is an international tax dispute.
  
  

Considerations

• The act attempts to protect Australian citizens from double taxation under international tax conventions. The Commissioner of Taxation may review cases on an individual basis to determine if an individual has already paid sufficient taxes under a particular international tax convention.
  
  

History

• The original act was passed in 1953. Due to its nature, it is constantly updated, as Australia negotiates new treaties and conventions. Several of these are quite extensive, including the United Kingdom Convention of 2003 and the U.S. protocol of 2001 regarding the avoidance of double taxation.