Attributed foreign income



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If you have attributed foreign income, you may be entitled to a foreign income tax offset for foreign income tax, income tax or withholding tax paid by the controlled foreign company (CFC) or foreign investment fund (FIF) in which you hold an interest.

Specifically, a foreign income tax offset may arise:

In these circumstances, the attributable taxpayer is deemed to have paid foreign income tax in respect of their CFC or FIF interest, with the tax paid counting towards their tax offset. In their assessable income, the section 456, 457 and section 529 amounts must be grossed up by the amount of the foreign income tax that is deemed to have been paid.

Further Information

For more information on the tax treatment of attributed income, refer to the publication Attributed foreign income.

End of further information
Last modified: 23 Jul 2009QC 22894