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 |
Amount $ |
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Net capital gain under Parts 3-1 and 3-3 of ITAA 1997 |
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Interest class |
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Offshore banking class |
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Modified passive class |
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Other class |
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Total: |
a |
$ |
Step 2 |
Summary of the notional allowable deductions of the CFC. The subtotal for any class of income should not be more than the amount of income shown in step 1 for that class. If you work out a higher amount, reduce it to the amount in step 1 for that class. |
Class |
Amount $ |
SEXI loss |
P/Y loss |
Subtotal |
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Interest |
|
+ |
|
+ |
|
= |
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|
Offshore banking |
|
+ |
|
+ |
|
= |
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Modified passive |
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+ |
|
+ |
|
= |
|
|
Other |
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+ |
|
+ |
|
= |
|
|
Non-quarantined |
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- - - - - - - - - - - - - - - - - - - - > |
= |
|
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Total: |
b |
$ |
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Amount is the total of the notional allowable deductions of each class of income before any quarantining and previous years' losses. It does not include a sometimes exempt income loss.
SEXI loss is the sometimes exempt income loss of each class of income.
P/Y loss is the notional allowable deduction for previous years losses of a class of income.
Step 3 |
Attributable income of the CFC before any reduction for interim dividends paid - item aless item b. |
c |
$ |
Step 4 |
Interim dividends paid by the CFC from the amount at item c. |
d |
$ |
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. |
$ |
|
Step 2 |
Work out your assessable income - multiply the amount at item a part A by the attribution percentage. |
$ |
|
Step 3 |
Insert the reduction amount you can claim if the CFC has income or gains which were accruals-taxed in a foreign country. |
$ |
|
Step 4 |
Take the amount in step 3 part B away from the amount in step 2 part B. |
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