• 14. Foreign income and net assets

    A Attributed foreign income – listed country

    Show at A the amount of attributed foreign income from controlled foreign entities and transferor trusts in listed countries. Listed countries are set out in Part 8, regulation 19 of the Income Tax Assessment (1936 Act) Regulation 2015.

    Attributed foreign income includes the income attributed to the taxpayer from controlled foreign companies, calculated in accordance with Division 7 of Part X of the ITAA 1936, and includes amounts grossed up under section 392 of the ITAA 1936, as appropriate, to the extent of any foreign or Australian taxes paid.

    Attributed foreign income from transferor trusts is the total amount of income attributed to the taxpayer from a transferor trust that is a listed country trust estate (as defined in section 102AAE of the ITAA 1936), calculated in accordance with Subdivision D of Division 6AAA of Part III of the ITAA 1936, and reduced under section 102AAU(1)(d) of the ITAA 1936, as appropriate, to the extent of any foreign or Australian taxes paid.

      Last modified: 15 Jul 2016QC 48112