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Summary sheet 2: Working out your share of the attributable income of a CFC

Last updated 25 May 2016

Use this summary sheet if you had an interest in a foreign company during your income year. Use a separate summary sheet for each foreign company.

Your name

Tax file number

 

 

Name of foreign company

 

1. Were you a Part X Australian resident at the end of the CFC’s statutory accounting period?

Yes

Go to question 2.

No

You do not have to work out the foreign company’s attributable income for the income year.

2. Was the foreign company a CFC at the end of its statutory accounting period?

To work out if the foreign company is a CFC at the end of its statutory accounting period, answer questions 1 to 10 of worksheet 1. Treat references to the test time in worksheet 1 as references to the end of the CFC’s statutory accounting period.

Yes

Go to question 3.

No

You do not have to work out the foreign company’s attributable income for the income year.

3. Were you an attributable taxpayer at the end of the CFC’s statutory accounting period?

To work out if you were an attributable taxpayer, answer questions 11 and 12 of worksheet 1.

Treat references to the test time in worksheet 1 as references to the end of the CFC’s statutory accounting period.

Yes

Work out the CFC’s attributable income. Read on.

No

You do not have to work out the CFC’s attributable income for the income year.

4. Was the CFC resident in a listed country or in an unlisted country at the end of the statutory accounting period?

Listed country

Unlisted country

State below the name of the country or countries of residence.

State below the name of the country or countries of residence.

 

 

 

 

5. Did the CFC pass or fail the active income test?

To work out whether the CFC passed the active income test, use summary sheet 3 and the associated worksheets.

     Pass        Fail

6. What was the CFC’s attributable income?

Complete worksheet 4 to answer this question.

Write the amount from A of worksheet 4 here: $               

7. What was your share of the CFC’s attributable income?

Complete worksheet 4 to answer this question.

Write the amount from B of worksheet 4 here: $               

QC48087