This question provides us with the amount of non-assessable non-exempt income being derived in different tax jurisdictions and helps identify the nature of that income.
The dollar amounts or values asked for in this question are all based on your tax records.
To complete this question, work out:
- the amount of the foreign income you derived that is non-assessable non-exempt under sections 23AH or 23AI of the ITAA 1936 or subdivision 768-A of the ITAA 1997, and
- the amount of this income derived from entities resident in each of the following location categories
- listed country
- specified country or jurisdiction
- other unlisted country or jurisdiction.
If you had foreign branch operations or any direct or indirect interests in foreign companies or foreign trusts, answer Yes at A item 24 and complete the following. If you answer Yes, include the amounts of foreign non-assessable non-exempt income you derived under any of the following:
- section 23AH – foreign branch income of Australian companies; the amount of income reported under section 23AH should include the total of both income and capital gains that are non-assessable non-exempt under that section
- section 23AI – amounts paid out of attributed CFC income
- Subdivision 768-A – foreign equity distributions on minimum 10% participation interests in foreign companies.
If you have no non-assessable non-exempt income under one or more of the above sections, leave the corresponding items blank.
At B item 24a, write the amount of your non-assessable non-exempt income under section 23AH from your listed country foreign branch operations.
At C item 24a, write the amount of your non-assessable non-exempt income under section 23AH from your specified country or jurisdiction foreign branch operations.
At D item 24a, write the amount of your non-assessable non-exempt income under section 23AH from your other unlisted country or jurisdiction foreign branch operations.
At E item 24b, write the amount of your non-deductible expenses incurred in earning or deriving your non-assessable non-exempt income under section 23AH.
At B item 24c, write the amount of your non-assessable non-exempt income under section 23AI in respect of your attributed income from your CFCs in listed countries.
At C item 24c, write the amount of your non-assessable non-exempt income under section 23AI in respect of your attributed income from your CFCs in specified countries or jurisdictions.
At D item 24c, write the amount of your non-assessable non-exempt income under section 23AI in respect of your attributed income from your CFCs in other unlisted countries or jurisdictions.
At B item 24e, write the amount of your non-assessable non-exempt income under subdivision 768-A for foreign equity distributions on participation interests from companies in listed countries.
At C item 24e, write the amount of your non-assessable non-exempt income under subdivision 768-A for foreign equity distributions on participation interests from companies in specified countries or jurisdictions.
At D item 24e, write the amount of your non-assessable non-exempt income under subdivision 768-A for foreign equity distributions on participation interests from companies in other unlisted countries or jurisdictions.
For help with working out if these provisions apply to you, see sections 23AH or 23AI of the ITAA 1936 or subdivision 768-A of the ITAA 1997
For the table of:
- specified countries or jurisdictions and codes, see Appendix 1
- listed countries and codes, see Appendix 3.
All foreign countries not listed in the tables of listed countries and specified countries or jurisdictions are included in the other unlisted country or jurisdiction category.
Example 27
Country |
Section 23AH amount |
Section 23AI amount |
Subdivision 768-A amount |
|---|---|---|---|
Branch in the United States |
$12,000,000 |
$0 |
$0 |
United States |
$0 |
$0 |
$100,000 |
Liechtenstein |
$0 |
$42,000 |
$0 |
Belgium |
$0 |
$630,000 |
$0 |
As the United States is a listed country and the income from the branch is non-assessable non-exempt under section 23AH and the other United States income is non-assessable non-exempt income under subdivision 768-A, the entity writes $12,000,000 at B item 24a and $100,000 at B item 24e.
As Liechtenstein is a specified country or jurisdiction and the income is non-assessable non-exempt income under section 23AI, $42,000 is written at C item 24c.
As Belgium is not a listed country or a specified country or jurisdiction it is an other unlisted country or jurisdiction. Consequently, you write the non-assessable non-exempt income under section 23AI of $630,000 at D item 24c.
All other items are left blank.
The Australian resident completes question 24.