An amount will normally only be included in your assessable income if the CFC's statutory accounting period ends in your income year.
Example 9: Taxpayer with a standard year of income
A taxpayer whose income year ends on 30 June has a CFC with a statutory accounting period which also ends on 30 June. For the taxpayer's income year ending 30 June 2003, the taxpayer must include a share of the attributable income of the CFC for the statutory accounting period ending 30 June 2003.
End of example
Example 10: Taxpayer who balances early
A taxpayer whose income year ends on 31 March has a CFC with a statutory accounting period ending 30 June. For the taxpayer's income year ending 31 March 2003, the taxpayer must include a share of the attributable income of the CFC for the statutory accounting period ending 30 June 2002. The CFC's attributable income for the period 1 July 2002 to 30 June 2003 would not be included in the taxpayer's assessable income until the income year ending 31 March 2004.
End of example