• Treatment of foreign and Australian taxes

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    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    Deduction for taxes

    A notional allowable deduction is available for foreign or Australian tax paid on amounts included in the attributable income of a CFC. An Australian tax is defined to be a withholding or income tax. It does not include additional taxes such as late payment penalties. If the tax is paid in a subsequent year, the earlier year's assessment can be amended subject to the time limits for amendments to allow a deduction for the tax.

    Last modified: 05 Dec 2006QC 18000