Use this worksheet to work out the attributable income of a CFC and the amount to include in your assessable income.
Part A – Working out attributable income
Step 1 |
Summary of the notional assessable income of the CFC. |
Category of notional assessable income |
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Amount $ |
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Net capital gain under Parts 3-1 and 3-3 of ITAA 1997 |
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Other notional assessable income |
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Total: |
a |
$ |
Step 2 |
Summary of the notional allowable deductions of the CFC. |
Amount |
Subtotal |
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General notional allowable deductions |
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Sometimes exempt income (SEXI) loss |
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Converted CFC loss (subject to certain limitations) |
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Total: |
b |
$ |
Converted CFC loss is the notional allowable deduction for previously unutilised losses which exist at the commencement of the statutory accounting period starting on or after 1 July 2008 and that have been converted in accordance with the transitional foreign loss rules for CFCs. A convertible CFC loss will be treated as a loss only for the purpose of applying Part X of ITAA 1936 to statutory accounting periods beginning on or after 1 July 2008.
Step 3 |
Attributable income of the CFC before any reduction for interim dividends paid (item a less item b). |
c |
$ |
Step 4 |
Interim dividends paid by the CFC from the amount at item c). |
d |
$ |
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Attributable income of the CFC |
(c – d): A |
$ |
Part B – Working out your share of attributable income
Step 1 |
Insert your attribution percentage in the CFC at the end of the CFC’s statutory period (as previously worked out in worksheet 1). |
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Step 2 |
Work out your assessable income (multiply the amount at item A part A by the attribution percentage). |
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$ |
Step 3 |
Insert the reduction amount you can claim if the CFC has income or gains which were accruals-taxed in a foreign country. |
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$ |
Step 4 |
Take the amount in step 3 part B away from the amount in step 2 part B. |
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