Summary
Further to the Timor Sea Maritime Boundaries Treaty Consequential Amendments Bill 2019 and Passenger Movement Charge Amendment (Timor Sea Maritime Boundaries Treaty) Bill 2019, the bill gives effect to tax arrangements required to implement the Treaty Between Australia and the Democratic Republic of Timor-Leste Establishing Their Maritime Boundaries in the Timor Sea (New York, 6 March 2018) by amending the
Income Tax Assessment Act 1997
to provide ‘conditions equivalent’ to participants in transitioned petroleum activities affected by the treaty. Also makes consequential amendments to six Acts.