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Relevant period

Last updated 4 December 2006

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

QC18000