• Relevant period

    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

    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.

    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.

    Last modified: 05 Dec 2006QC 18000