• 22 Attributed foreign income

    Attention

    Warning:

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

    End of attention

    For information on calculating the amounts shown at M, U and X, see the Foreign income return form guide (NAT 1840). For more information on calculating the amount shown at Y, see the Foreign investment funds guide (NAT 2130).

    Attention

    If the trust was a subsidiary member of a consolidated group at any time during the income year and has completed Z2 item 2, a Schedule 25A 2010 is not required.

    End of attention

    Did you have either a direct or indirect interest in a foreign trust, controlled foreign company or transferor trust?

    Direct or indirect interests in a controlled foreign company or a foreign trust are taken to have the same meaning as set out in Division 3 of Part X of the ITAA 1936.

    A trust has an interest in a transferor trust if the trust has ever made, or caused to be made, a transfer of property or services to a non-resident trust. Transfer of property and services is defined in section of 102AAB the ITAA 1936.

    Sections 102AAJ and 102AAK of the ITAA 1936 provide guidance on whether there was a transfer, or a deemed transfer, of property or services to a non-resident trust.

    If the answer to this question is yes, print X in the Yes box at S and complete section B of Schedule 25A 2010, together with any other relevant part or schedule, and attach the completed Schedule 25A 2010 to the tax return. Print X in the Yes box at Have you attached any 'other attachment'? at the top of page 1 of the tax return.

    If the answer to this question is no, print X in the No box at S.

    Further Information

    For more information, see Schedule 25A instructions 2010 (NAT 2639).

    End of further information

    Did you have an interest in a foreign investment fund (FIF) or a foreign life assurance policy (FLP)?

    If the answer is yes, print X in the Yes box at T and complete section B of Schedule 25A 2010, together with any other relevant part or schedule, and attach the completed schedule to the tax return. Print X in the Yes box at Have you attached any other attachment'? at the top of page 1 of the tax return.

    If the answer is no, print X in the No box at T.

    Interest in a FIF or FLP has the same meaning as set out in section 483 of the ITAA 1936.

    Listed country

    Show at M the amount of gross attributed foreign income from controlled foreign entities and transferor trusts of listed countries. Listed countries are set out in Part 1 of Schedule 10 to the Income Tax Regulations 1936 (ITR 1936).

    Attributed foreign income is the income attributed to the taxpayer from controlled foreign entities, calculated in accordance with Division 7 of Part X of the ITAA1936, and includes an amount grossed-up under section 392 of the ITAA 1936, as appropriate, to the extent of any foreign taxes paid.

    Show at M the amount of income attributed from a transferor trust that is a listed country trust estate, calculated in accordance with Subdivision D of Division 6AAA of the ITAA 1936.

    A listed country trust estate is defined in section 102AAE of the ITAA 1936.

    Section 404 country

    Show at U the amount of attributed foreign income from controlled foreign entities in section 404 countries. Section 404 countries are listed in Part 2 of Schedule 10 to the ITR 1936.

    Also show at U the amount of income attributed from a transferor trust if the entire income and profits of the trust are subject to tax in a section 404 country. Do not include the amount if it is shown at M.

    Unlisted country

    Show at X the amount of attributed foreign income from controlled foreign entities in unlisted countries. Unlisted countries are countries that are not listed in Schedule 10 to the ITR 1936.

    Show at X the amount of income attributed from a transferor trust if the amount has not been shown at M or U.

    FIF or FLP income

    Show at Y the amount of net attributed foreign income from foreign investment funds (FIFs) and foreign life assurance policies (FLPs). The terms FIF and FLP have the same meaning as set out in sections481 and 482 of the ITAA 1936 respectively. Attributed foreign income is the income attributed to the taxpayer from FIFs or FLPs, calculated in accordance with Subdivisions B, C or D (for FIFs) and Subdivisions E or F (for FLPs) of Division 18 of Part XI of the ITAA 1936, as appropriate.

    Last modified: 13 Aug 2014QC 22968