• Deductions for sometimes exempt income loss

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    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    You may claim a notional allowable deduction for a 'sometimes exempt income loss'. A sometimes exempt income loss can arise for a CFC in an accounting period if:

    • the CFC passed the active income test for the period, or
    • the CFC gained the benefit of the de minimis exemption for the period
    • and the CFC has any expenses that are not notional allowable deductions but would have been if the CFC had not passed the active income test or gained the benefit of the de minimis exemption.
    Last modified: 05 Dec 2006QC 18000