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  • Section 2 - Credits available only to resident companies



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

    End of attention

    Australian resident companies are entitled to a foreign tax credit as worked out in section 1. In addition, in some circumstances a company - other than a company in the capacity of trustee - may be:

    • entitled to a credit for foreign underlying tax - see section 160 AFC
    • entitled to a credit for tax paid by a CFC on amounts attributed to the Australian company
    • able to transfer a foreign tax credit to another group company
    • not assessable on foreign non-portfolio dividends where those dividends are an exempting receipt of that company - see part 1 of this chapter
    • not assessable on foreign income derived through a branch in a listed country - see part 2 of this chapter.
    Last modified: 05 Dec 2006QC 17522