• Assets included in the calculation

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    Capital gains and losses taken into account in working out attributable income for a CFC are those arising on the disposal of assets other than CGT assets having the necessary connection with Australia.

    A capital gain or loss on the disposal of a CGT asset having the necessary connection with Australia will be taken into account in working out the actual assessable income of the CFC as a non-resident taxpayer and is therefore excluded from the calculation of the CFC's attributable income. Note: This exclusion applies even if the relevant asset is not subject to capital gains tax (CGT) because it was acquired before 20 September 1985.

    Last modified: 05 Dec 2006QC 18000