• Summary of the terms used to refer to countries

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

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    Broad-exemption listed countries

    The term broad-exemption reflects that Amounts taxed at full rates by countries on the broad-exemption list are generally exempt from both accruals taxation and taxation on repatriation to Australia.

    Limited-exemption listed countries

    The term limited-exemption reflects that Amounts taxed at full rates by countries on the limited-exemption list are generally exempt from tax on repatriation to Australia. An exemption from accruals taxation is not available, however, for amounts taxed in a limited-exemption listed country.

    Listed countries

    Listed countries are countries on the list of broad-exemption countries or on the list of limited-exemption countries.

    Unlisted countries

    Unlisted countries are countries that are not on either the broad-exemption or limited-exemption lists.

    Non-broad-exemption listed countries

    Non-broad-exemption listed countries are countries that are not on the list of broad-exemption countries. They comprise unlisted countries and countries on the list of limited-exemption countries.

    Transitional rules

    The broad-exemption and limited-exemption lists apply for statutory account periods of CFCs commencing on or after 1 July 1997. Unless otherwise stated, when working out the attributable income of a CFC for a statutory accounting period commencing before 1 July 1997, treat references to broad-exemption listed countries in this guide as references to countries on the original list (see Former list of countries in part 3 of attachment A in appendix 1.

    Last modified: 05 Dec 2006QC 17522