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How to use this guide

4 December 2006

The Foreign income return form guide contains an explanation of measures relating to the taxation of foreign income derived by, or attributed to, Australian residents. The chapters in the guide are:

Chapter 1

Attribution of current year profits of a controlled foreign company

Chapter 2

Transferor trust and related measures

Chapter 3

Taxation of foreign dividends and branch profits and the foreign tax credit system.

Chapter 4

Proving your assessment

Chapter 5

Consolidation (consolidated income tax treatment for groups of entities)

Summary sheets at the end of the guide provide a quick reference to assist you in determining if and to what extent the measures apply to you. Where necessary, worksheets have also been provided to help you work out your tax liability.

Although the guide is quite detailed, it may not cover all the qualifications and conditions contained in the law that relate to your circumstances. For instance, it does not discuss the special rules that apply in working out attributable income for companies conducting banking or insurance activities. If you are not sure about the application of the law, please contact the tax office where you lodge your tax return.

Unless otherwise stated, references in this guide to provisions of the law are to provisions of the Income Tax Assessment Act 1936 (ITAA 1936).