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Taxation Ruling

IT 2568W - Notice of Withdrawal


Income tax : tax treatment of U.S. sourced dividend interest and royalty income derived by U.S. citizens resident in Australia



Notice of Withdrawal

Taxation Ruling IT 2568 is withdrawn with effect from today.

1. IT 2568 deals with the tax treatment of dividend, interest or royalty income that is derived by an Australian resident from sources in the United States (U.S.). It states that under the Australian/U.S. Double Tax Convention, the maximum credit allowable against Australian tax payable for U.S. tax paid on such dividends, interest or royalties is limited to 15% of the gross amount of the dividends and 10% of the gross amount of the interest or royalties.

2. IT 2568 is being withdrawn due to changes to articles in the Australia-U.S. Double Taxation Agreement. The Australia-U.S. Double Taxation Agreement has been amended by the U.S. Protocol (Protocol), which came into effect on May 2003. The Protocol made several amendments, including changes to Article 1 'Residence' and Article 22 'Double Tax relief' as well as the substitution of new Articles 10 'Dividends', 11 ' Interest' and 12 'Royalties'.

3. IT 2568 has no ongoing relevance and is therefore withdrawn without replacement.

Commissioner of Taxation

19 April 2017

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

References

ATO references:
NO  1-9N72KXS

ISSN: 2205-6122

Related Rulings/Determinations:
IT 2568

 


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