• Summary sheet 2 - Working out your share of the attributable income of a CFC

    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

    Use this summary sheet if you had an interest in a foreign company during your income year. Use a separate summary sheet for each foreign company.

    Your name

    Tax file number

       

    Name of foreign company

     
    1. Were you a Part X Australian resident at the end of the CFC's statutory accounting period?

    Yes

    Go to question 2.

    No

    You do not have to work out the foreign company's attributable income for the income year.

    1. Was the foreign company a CFC at the end of its statutory accounting period?

    Answer questions 1 to 10 of worksheet 1 to find out if the foreign company is a CFC at the end of its statutory accounting period. Treat references to the test time in worksheet 1 as references to the end of the CFC's statutory accounting period.

    Yes

    Go to question 3.

    No

    You do not have to work out the foreign company's attributable income for the income year.

    1. Were you an attributable taxpayer at the end of the CFC's statutory accounting period?

    Answer questions 11 and 12 of worksheet 1 to find out if you were an attributable taxpayer.

    Treat references to the test time in worksheet 1 as references to the end of the CFC's statutory accounting period.

    Yes

    Work out the CFC's attributable income. Read on.

    No

    You do not have to work out the CFC's attributable income for the income year.

    1. Was the CFC resident in a listed country or in an unlisted country at the end of the statutory accounting period?

    Listed country

    Unlisted country

    State below the name of the country or countries of residence.

    State below the name of the country or countries of residence.

       
       
    1. Did the CFC pass or fail the active income test?

    Use summary sheet 3 and associated worksheets to determine whether the CFC passed the active income test.

      

    Pass

     

      

    Fail

    1. What was the CFC's attributable income?

    Complete worksheet 4 to answer this question.

    Write the amount from A of worksheet 4 here:

    $               

    1. What was your share of the CFC's attributable income?

    Complete worksheet 4 to answer this question.

    Write the amount from B of worksheet 4 here:

    $               

    Last modified: 29 Jun 2011QC 23930