Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this section:
"double tax agreement" means an agreement within the meaning of the International Tax Agreements Act 1953 .
"natural resource income" means income that:
(a) is derived by a non-resident; and
(b) is calculated, in whole or in part, by reference to the value or quantity of natural resources produced, recovered or produced and recovered, in Australia after 7 April 1986;
but does not include:
(c) income that consists of royalty; or
(d) income where:
(i) on 7 April 1986, the non-resident had a continuing entitlement to receive the income;
(ii) the income was derived by the non-resident pursuant to that continuing entitlement;
(iii) the non-resident was, at 5 o'clock in the afternoon, by standard time in the Australian Capital Territory on 7 April 1986, a resident, within the meaning of a double tax agreement, of a foreign country in respect of which the double tax agreement was in force;
(iv) before 8 April 1986, the Commissioner had given a statement in writing to the effect that income tax would be levied on 50% of income included in a specified class of income; and
(v) the income is included in that class of income.
(2) For the purposes of Divisions 5 and 6 of Part III, natural resource income shall be deemed to be attributable to sources in Australia.
(3) For the purposes of section 255 of this Act and sections 6-5 and 6-10 of the Income Tax Assessment Act 1997 , natural resource income shall be deemed to have been derived from a source in Australia.