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Exemption for attributable taxpayers

Last updated 26 May 2005

Apart from the FIF regime, there are two other components of the foreign source income regime:

  • the controlled foreign company (CFC) measures, and
  • the transferor trust measures.

These measures attribute specified income and gains of foreign companies and trusts to certain Australian residents - known as attributable taxpayers.

If the FIF measures overlap with the other components of the foreign source income regime, the CFC or transferor trust measures apply and, in general, the FIF measures will not apply. However, if a CFC, controlled foreign trust (CFT) or transferor trust holds an interest in a FIF, the FIF measures do apply in working out the attributable income of those entities. [sections 493 and 494]