Summary
Amends the International Tax Agreements Act 1953 to: give legislative authority to the Convention between the Government of Australia and the Government of the State of Israel for the elimination of double taxation with respect to taxes on income and the prevention of tax evasion and avoidance; and correct an incorrect cross reference to the specific source rule that applies in relation to an earlier agreement with Germany; and Income Tax Assessment Act 1997 to introduce a deemed source of income rule to ensure that Australia can exercise its taxing rights under the convention and future international tax agreements.