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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.
Last modified: 05 Dec 2006QC 18000