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Amounts taxed in Australia

Last updated 4 December 2006

Amounts that have been taxed in full in Australia are not included in notional assessable income. Amounts will be treated as taxed in full if they have been included in a CFC's assessable income. Amounts that will not be considered fully taxed, although subject to Australian taxation, are:

  • amounts subject to Australian interest or dividend withholding tax, and
  • certain shipping income, film and video tape royalties and insurance premiums.

Dividends that have been franked under the imputation provisions are treated as notional exempt income.

QC18000