Section 2 - Credits available only to resident companies



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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