Item 14 - Foreign income and net assets

Show at label A the amount of attributed foreign income from controlled foreign entities and transferor trusts of listed countries.

Amounts entered at this Attributed income field passes automatically to the Foreign income worksheet (for). If necessary open the ‘for’ to enter foreign tax paid on the Attributed foreign income. Any foreign tax paid is required for the correct calculation of the foreign tax credit. This amount integrates from the Foreign income worksheet (for). Refer to Foreign income worksheet (for).

Refer to Attributed foreign income - listed country on the ATO website.

CCH References

21-130 Listed countries

21-190 Attribution of CFC Income to Attributable Taxpayers

21-200 Attributable Income of a CFC

21-290 Accruals Taxation of Non-Resident Trust Income

21-310 Attributable Taxpayers - Non-resident family trusts

21-360 Foreign investment funds

21-670 Income tax offsets

21-680 Entitlement to foreign income tax offset

Show at label C the amount of attributed foreign income from controlled foreign entities in unlisted countries (excluding section 404 countries).

Amounts entered at this Attributed income field is automatically passed to the Foreign income worksheet (for). If necessary open the ‘for’ to enter foreign tax paid on the Attributed foreign income. Any foreign tax paid is required for the correct calculation of the foreign tax credit. This amount integrates from the Foreign income worksheet (for). Refer to Foreign income worksheet (for) .

Refer to Attributed foreign income - unlisted country on the ATO website.

CCH References

21-130 Listed countries

21-190 Attribution of CFC Income to Attributable Taxpayers

21-200 Attributable Income of a CFC

21-290 Accruals Taxation of Non-Resident Trust Income

21-310 Attributable Taxpayers - Non-resident family trusts

21-360 Foreign investment funds (pre-2010/11)

21-670 Scope of FITO rules

Refer to Net assets available to pay benefits on the ATO website.

Show at label F the total value of net assets available to pay benefits, including items such as life policies, units held in PSTs and assets funding current pension liabilities at the balance date.

If the value of life policies is not known, use the total of contributions to date.

A generic worksheet is provided at this label.