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  • Part 1 - Are you subject to the CFC measures?

    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

    The accruals tax system may apply to you if you are an Australian resident who has a substantial interest in a CFC. This part explains:

    • when a foreign company is a CFC
    • the types of interests in a foreign company that are taken into account in testing whether that company is a CFC
    • the size of an interest in a CFC you need before you must include an amount in your assessable income
    • how to determine the size of your interest in a CFC
    • whether income of a CFC is to be included in your assessable income for the current income year.
    Summary of part 1

    Section 1

    Is there a CFC?

     

    Section 2

    Are you an attributable taxpayer?

     

    Section 3

    Is the CFC's income generally exempt from accruals taxation?

     

    Section 4

    What types of attribution can apply?

    Dividend attribution on change of residence

    Section 5

    Do you have to work out the attributable income of a CFC?

    Refer to chapter 3 and appendix 3
    Last modified: 05 Dec 2006QC 17522