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  • Question 21

    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

    This question is one of a number dealing with controlled foreign companies (CFCs) and controlled foreign trusts (CFTs). These questions are for the purpose of understanding your interests in 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.

    To complete this question you need to identify if you had an interest in any CFCs and/or CFTs at the end of the income year.

    If you had an interest in a CFC or CFT answer 'Yes' at label A of question 21 and complete the required labels.

    At labels B, C and D:

    • Identify the CFCs and CFTs in which if you had an interest at the end of your income year. Then, referring to the tables at Appendix 1 and Appendix 3, identify the category of the country of residency of each CFC or CFT.
    • At label B, write the number of your CFCs and CFTs identified as residents of listed countries.
    • At label C, write the number of your CFCs and CFTs identified as residents of specified countries.
    • At label D, write 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 00 (zero zero) as the first digit - for example, write 009
    • less than 100, write 0 (zero) as the first digit - for example, write 083
    • more than 999, write 999
    • zero, leave the relevant answer blank.
    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.

    For the table of:

    All foreign countries, including section 404 countries, not listed in the tables of listed countries and specified countries are included in the other unlisted country category.

    End of further information

    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 wrote 005 at label B to record its five listed country CFTs and CFCs at the end of its income year.

    At label C, they wrote 001 to record its specified country CFT.

    They left all other boxes blank.

    Jack Brothers & Co completed question 21

    Last modified: 08 Aug 2014QC 26054