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) 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 interest, with the tax paid counting towards their tax offset. In their assessable income, the section 456 and 457 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: 04 May 2012QC 28013