Foreign income return form guide

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About this guide

Foreign income return form guide 2002-03

This publication is available free of charge from the Australian Taxation Office (ATO), which prohibits any party from selling it. Please get help from the ATO - the general enquiries number is 13 28 61 - or a tax adviser if you feel the publication does not fully cover your circumstances.

We regularly revise our publications to take account of changes to the law. Contact the ATO if you think this edition may not be the latest.

As part of our commitment to produce accurate publications, taxpayers will not be subject to penalties if it is demonstrated that they have based a tax claim on wrong information supplied by the ATO.

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Some abbreviations used in this publication

ATO

Australian Taxation Office

CFC

controlled foreign company

CFE

controlled foreign entity

CFP

controlled foreign partnership

CFT

controlled foreign trust

DTA

double taxation agreement

DWT

dividend withholding tax

EDCI

eligible designated concession income

FIF

foreign investment fund

FTC

foreign tax credit

FTCS

foreign tax credit system

NFI

net foreign income

P/ Y loss

previous years losses

The Act

Income Tax Assessment Act 1936

Introduction

How to use the Foreign income return form guide

Each chapter of the Foreign income return form guide (the guide) contains an explanation of measures relating to the taxation of foreign income derived by, or attributed to, Australian residents. They are:

Chapter 1

Attribution of the current year profits of a controlled foreign company (CFC)

Chapter 2

Transferor trust and related measures

Chapter 3

Taxation of foreign dividends and branch profits and the foreign tax credit system

Chapter 4

Proving your assessment

Chapter 5

Consolidation (consolidated income tax treatment for groups of entities)

Summary sheets at the end of the guide provide a quick reference to assist you in determining if and to what extent the measures apply to you. Where necessary, worksheets have also been provided to help you work out your tax liability.

Although the guide is quite detailed, it may not cover all the qualifications and conditions contained in the law that relate to your circumstances. For instance, it does not discuss the special rules that apply in working out attributable income for companies conducting banking or insurance activities. If you are not sure about the application of the law, please contact the tax office where you lodge your tax return.

Unless otherwise stated, references in this guide to provisions of the law are to provisions of the Income Tax Assessment Act 1936 .

ATO references:
NO NAT 1840

Foreign income return form guide
  Date: Version:
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