Warning: This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
For information on calculating the amounts shown at M, U and X, see the Foreign income return form guide 2011 (NAT 1840).
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Where the trust is a member of a consolidated group for the whole income year and derived foreign income, the responsibility for preparing the schedule will rest on the head company of the consolidated group.
Where a return is required because the trust had a period in the income year when it was not a member of a consolidated group (a non-membership period) the trust should complete a Schedule 25A 2011 or International dealings schedule - financial services 2011 where it has derived foreign income attributable to non-membership period."
If the trust was a subsidiary member of a consolidated group at any time during the income year and has completed Z2 item 2, a Schedule 25A 2011 is not required.
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Did you have either a direct or indirect interest in a foreign trust, controlled foreign company or transferor trust?
Direct or indirect interests in a controlled foreign company or a foreign trust are taken to have the same meaning as set out in Division 3 of Part X of the ITAA 1936.
A trust has an interest in a transferor trust if the trust has ever made, or caused to be made, a transfer of property or services to a non-resident trust. Transfer of property and services is defined in section of 102AAB the ITAA 1936.
Sections 102AAJ and 102AAK of the ITAA 1936 provide guidance on whether there was a transfer, or a deemed transfer, of property or services to a non-resident trust.
If the answer to this question is yes, print X in the Yes box at S and either:
- complete section B of Schedule 25A 2011, together with any other relevant part or schedule, or
- complete an International dealings schedule - financial services 2011.
Attach the completed Schedule 25A 2011 to the tax return. Print X in the Yes box at Have you attached any 'other attachment'? at the top of page 1 of the tax return.
If the answer to this question is no, print X in the No box at S.
Listed country
Show at M the amount of gross attributed foreign income from controlled foreign entities and transferor trusts of listed countries. Listed countries are set out in Part 1 of Schedule 10 to the Income Tax Regulations 1936 (ITR 1936).
Attributed foreign income is the income attributed to the taxpayer from controlled foreign entities, calculated in accordance with Division 7 of Part X of the ITAA1936, and includes an amount grossed-up under section 392 of the ITAA 1936, as appropriate, to the extent of any foreign taxes paid.
Show at M the amount of income attributed from a transferor trust that is a listed country trust estate, calculated in accordance with Subdivision D of Division 6AAA of the ITAA 1936.
A listed country trust estate is defined in section 102AAE of the ITAA 1936.
Section 404 country
Show at U the amount of attributed foreign income from controlled foreign entities in section 404 countries. Section 404 countries are listed in Part 2 of Schedule 10 to the ITR 1936.
Also show at U the amount of income attributed from a transferor trust if the entire income and profits of the trust are subject to tax in a section 404 country. Do not include the amount if it is shown at M.
Unlisted country
Show at X the amount of attributed foreign income from controlled foreign entities in unlisted countries. Unlisted countries are countries that are not listed in Schedule 10 to the ITR 1936.
Show at X the amount of income attributed from a transferor trust if the amount has not been shown at M or U.
Sections within Foreign income
Last Modified: Friday, 5 October 2012