• 14. Foreign income and net assets

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    A Attributed foreign income - listed country

    Show at A the amount of attributed foreign income from controlled foreign entities and transferor trusts in listed countries.

    Attributed income is the income attributed to the taxpayer from controlled foreign entities, calculated in accordance with Division 7 of Part X of the ITAA 1936, and includes amounts grossed up under section 392 of the ITAA 1936, as appropriate, to the extent of any foreign taxes paid.

    Listed countries are found in Part 1 of Schedule 10 to the Income Tax Regulations 1936 (ITR 1936). The definition of a listed country trust is in section 102AAE of the ITAA 1936.

    Attributed income from transferor trusts is the total amount of income attributed to the taxpayer from a transferor trust that is a listed country trust, calculated in accordance with Subdivision D of Division 6AAA of Part III of the ITAA 1936, and grossed up under section 102AAU(1)(d) of the ITAA 1936, as appropriate, to the extent of any foreign taxes paid.

    Last modified: 25 Nov 2009QC 21714