Income tax: ascertaining the right to tax United States (US) and United Kingdom (UK) resident financial institutions under the US and the UK Taxation Conventions in respect of interest income arising in Australia

This draft update, which issued on 28 November 2018, proposed changes to TR 2005/5 to clarify the Commissioner's view on certain aspects of the second limb of the definition of 'financial institution' as used in Australia's Double Taxation Conventions with the United States and the United Kingdom.

The proposed changes in that draft update are included in a further draft update to TR 2005/5 Income tax: ascertaining the right to tax United States (US) and United Kingdom (UK) resident financial institutions under the US and the UK Taxation Conventions in respect of interest income arising in Australia, which issued today. This update expands on the Commissioner's view in TR 2005/5DC. It has been issued in draft form to allow further community consultation and comment.