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  • Worksheet 4: Working out the attributable income of a CFC



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    End of attention

    Use this worksheet to work out the attributable income of a CFC and the amount to include in your assessable income.

    Part A Working out attributable income

    Step 1

    Summary of the notional assessable income of the CFC

    Category of notional assessable income

    Amount $

    Net capital gain under Parts 3-1 and 3-3 of ITAA 1997


    Other notional assessable income


    Total = a


    Step 2

    Summary of the notional allowable deductions of the CFC



    General notional allowable deductions


    Sometimes exempt income (SEXI) loss


    Converted CFC loss (subject to certain limitations)


    Total = b


    Converted CFC loss is the notional allowable deduction for previously unutilised losses which exist at the commencement of the statutory accounting period starting on or after 1 July 2008 and that have been converted in accordance with the transitional foreign loss rules for CFCs. A convertible CFC loss will be treated as a loss only for the purpose of applying Part X of ITAA 1936 to statutory accounting periods beginning on or after 1 July 2008.

    Step 3

    Attributable income of the CFC before any reduction for interim dividends paid (item a less item b) = c

    Step 4

    Interim dividends paid by the CFC from the amount at item c = d

    Attributable income of the CFC ( d): A

    Part B Working out your share of attributable income

    Step 1

    Insert your attribution percentage in the CFC at the end of the CFC’s statutory period (as previously worked out in worksheet 1).

    Step 2

    Work out your assessable income (multiply the amount at item A part A by the attribution percentage).

    Step 3

    Insert the reduction amount you can claim if the CFC has income or gains which were accruals-taxed in a foreign country.

    Step 4

    Take the amount in step 3 part B away from the amount in step 2 part B: B

      Last modified: 31 Jul 2017QC 51231