• Question 23

    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

    Complete by placing 'X' in the applicable box. If you answer 'yes', you need to include the number of controlled foreign companies (CFCs) and controlled foreign trusts (CFTs) that you had an interest in at the end of the income year.

    This is one of a number of questions dealing with CFCs and CFTs. These questions are for the purpose of understanding your interests and dealings with these overseas entities and assessing compliance with the relevant tax legislation.

    An interest in a CFC or CFT may be either direct or indirect, and has the same meaning as set out in Division 3 of Part X of the ITAA 1936.

    Further Information

    For information about when an entity has a controlling interest in a foreign company or foreign trust, refer to Foreign income return form guide.

    End of further information

    Appendix 4 contains a table of listed countries and appendix 2 specified countries. All other foreign countries, including section 404 countries, are included in the other unlisted country category.

    Labels C, D and E
    Identify the CFCs and CFTs you had at the end of your income year. Then, referring to the tables at appendix 2 and appendix 4, identify the category of country of residency of each CFC or CFT.

    At C, enter the number of your CFCs and CFTs identified as residents of listed countries.

    At D, enter the number of your CFCs and CFTs identified as residents of specified countries.

    At E, enter the number of your CFCs and CFTs identified as residents of other unlisted countries.

    If the number of CFCs and CFTs is:

    • less than 10, write 0 (zero) as the first digit
    • more than 99, write 99
    • is zero, leave the relevant answer block blank.

    Example

    Jack brothers & Co had at the end of their income year the following:

    • two German resident CFTs
    • three Japanese resident CFCs
    • one Cayman Islands resident CFT.
     

    As Germany and Japan are listed countries, they entered 05 at C to record its five listed country CFTs and CFCs at the end of its income year.

    At D, they entered 01 to record its specified country CFT.

    They left all other boxes blank.

    Example of question 23 completed

    Last modified: 09 Nov 2011QC 24292