• Section 2 - Are you an attributable taxpayer?

    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 you have an interest in a CFC you must determine if you are an attributable taxpayer. You are only required to include an amount of attributable income from a CFC in your assessable income if you are an attributable taxpayer in relation to the CFC.

    You will be an attributable taxpayer if:

    • you have an associate-inclusive control interest of 10 per cent or more in a CFC or
    • all of the following rules apply:
      • the CFC is a CFC because of the application of the de facto control test
      • you are an Australian 1 per cent entity
      • you are part of a group of five or fewer Australian entities who, alone or with associates - -regardless of whether the associates are Australian entities - -control the CFC.
       
    Last modified: 05 Dec 2006QC 17522