Are you an Australian resident for tax purposes who:
- had either a direct or an indirect interest in a controlled foreign company (CFC), or
- at any time, directly or indirectly transferred or caused the transfer of property (including money) or services to a non-resident trust?
No |
Go to question 20 Foreign source income and foreign assets or property 2020, or return to main menu Individual tax return instructions 2020. |
Yes |
Read on. |
What you need
Foreign income return form guide 2020
If you are a temporary resident, you will not need to show your foreign investment income at this item. See Tax-free income for temporary residents in Amounts that you do not pay tax on 2020 for the definition of a temporary resident and details of the exemption.
Part A
The controlled foreign company (CFC) measures may apply to income and gains of foreign companies in which you had a direct or indirect controlling interest, or which you effectively controlled. For more information, read chapter 1 of Foreign income return form guide 2020.
Completing this part
Did you have either a direct or indirect interest in a CFC?
No |
Print X in the No box at I item 19 on your tax return. Go to Part B. |
Yes |
Read on. |
Did you, alone or with associates:
- have direct or indirect controlling interests totalling 10% or more in a foreign company, or
- have effective control of a foreign company?
No |
Print X in the No box at I item 19 on your tax return. Go to Part B. |
Yes |
Read on. |
Step 1
Print X in the Yes box at I item 19 on your tax return.
Step 2
Work out your attributed foreign income from any CFC.
Step 3
Write this amount at K item 19. Do not show cents. Read on.
Part B
Completing this part
The transferor trust measures may apply if, at any time, you directly or indirectly transferred or caused the transfer of property (including money) or services to a non-resident trust. A trust is a non-resident trust if no trustee of the trust estate was an Australian resident, and the trust estate's central management and control was not in Australia, at any time during the income year. For more information, read chapter 2 in Foreign income return form guide 2020.
Did you, at any time, directly or indirectly transfer or cause the transfer of money, property or services to a non-resident trust?
No |
Print X in the No box at W item 19 on your tax return. |
Yes |
Read on. |
Step 1
Print X in the Yes box at W item 19 on your tax return.
Step 2
Work out your attributed foreign income from transferor trusts.
Step 3
Write the amount you worked out at step 2 at B item 19. Do not show cents.
Step 4
On a separate sheet of paper, print Schedule of additional information – Item 19. Print your name, address, tax file number, the name of the non-resident trust and its trustee or trustees, and the amount of any attributable income in relation to the trust. Attach your schedule to page 3 of your tax return.
Step 5
Print X in the Yes box at Taxpayer's declaration question 2 on page 10 of your tax return. Read on.
Check that you have...
- written on your tax return your attributed foreign income from all CFCs
- written on your tax return your attributed foreign income from transferor trusts
- attached to page 3 of your tax return your Schedule of additional information - Item 19, if you need to send us one.
Where to go next
- Go to question 20 Foreign source income and foreign assets or property 2020.
- Return to main menu Individual tax return instructions 2020.
- Go back to question 18 Capital gains 2020.