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  • Question 29

    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 will help us to identify if there is a risk that income of a foreign hybrid limited partnership (FHLP) or a foreign hybrid company (FHC) has not been appropriately returned in Australia as an assessable distribution.

    The dollar amounts or values asked for in this question are all based on your accounting records.

    FHLP has the same meaning as set out in section 830-10 of the ITAA 1997.

    FHC has the same meaning as set out in section 830-15 of the ITAA 1997.

    If you were a partner in a FHLP or a shareholder in a FHC, answer 'Yes' at label A of question 29 and complete the required labels:

    • At item 29, label B, write the number of FHLPs and FHCs in which you had an interest during the income year.
    • At item 29, label C, write the total amount of your share(s) of net income or profit.

    Example

    ABC Co is an Australian resident taxpayer that is a partner in two foreign hybrid limited partnerships. It also holds shares in one foreign hybrid company. During the income year ABC Co had the following in respect of its interests in these entities.

    Entity

    Amount

    Share of net income from the BBB partnership

    750,000

    Share of net income from the CCC partnership

    100,000

    Distribution of profit from the XYZ company

    275,000

    Total

    1,025,000

    To complete this question ABC Co:

    - writes 3 at item 29, label B
    - writes $1,025,000 at item 29, label C.

    Last modified: 08 Aug 2014QC 26054