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  • 6 Controlled foreign company (CFC) losses

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    If the head company has an attribution interest in one or more CFCs with losses brought forward from statutory accounting periods that end within prior income years, or losses from statutory accounting periods that end within the 2002-03 income year, show these amounts at item 6.

    For modifications relating to losses of a CFC refer to sections 424 to 431 of ITAA 1936. For information on how to calculate the loss of a CFC refer to the publication Foreign income return form guide.

    The amounts shown at labels I and J are the totals of the head company's share of losses of CFCs. The head company's share of a loss of a CFC is calculated by applying its attribution percentage in the CFC to the loss of the CFC.

    Prior year CFC losses deducted

    Show at label I the total of the head company's share of losses of CFCs, if any, from statutory accounting periods that end within prior income years, that have been claimed as notional allowable deductions for statutory accounting periods that end within the 2002-03 income year.

    CFC losses carried forward

    Show at label J the total amount of the head company's share of losses of CFCs, if any, that are available to be carried forward to statutory accounting periods that end in later income years.

    Last modified: 30 Jul 2003QC 27493