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  • myTax 2020 Foreign entities

    Complete this section if you are an Australian resident for tax purposes who:

    • had either a direct or an indirect interest in a controlled foreign company (CFC), or
    • at any time, directly or indirectly transferred or caused the transfer of property (including money) or services to a non-resident trust.

    If you are a temporary resident don't show your foreign investment income at this section. See Tax-free income for temporary residents for the definition of a temporary resident and details of the exemption.

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    Things to know

    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

    Controlled foreign company (CFC) income

    The CFC measures may apply to income and gains of foreign companies in which you alone, or with associates, had either:

    • direct or indirect controlling interest totalling 10% or more in a foreign company
    • effective control of a foreign company.

    See also:

    Income from transfer of property (including money) or services to a non-resident trust estate

    The transferor trust measures may apply if, at any time, you directly or indirectly transferred or caused the transfer of property (including money) or services to a non-resident trust. A trust is a non-resident trust if, at any time during the income year:

    • no trustee of the trust estate was an Australian resident, and
    • the trust estate's central management and control was not in Australia.

    See also:

    Completing this section

    To personalise your return to show foreign entities, at Personalise return select:

    • You had foreign income.
    • Foreign entities.

    To show your foreign entities details, at Prepare return select 'Add/Edit' at the Foreign income, assets and entities banner.

    At the Foreign entities banner:

    1. Enter your attributed foreign income from any CFC at Controlled foreign company (CFC) income.
    2. Enter your attributed foreign income from transferor trusts at Income from transfer or property (including money) or services to a non-resident trust estate.
    3. If you enter an amount at Income from transfer or property (including money) or services to a non-resident trust estate, you need to enter the
      • Name of non-resident trust
      • Name of trustee or trustees.
    4. Select Save.
    5. Select Save and continue when you have completed the Foreign income, assets and entities section.
      Last modified: 01 Jun 2020QC 61948