Item 22 - Attributed foreign income

Click this link for information on Item 22 Attributed foreign income on the ATO website.

For more information on the calculation of the amounts shown at labels M, U and X, refer to the ATO publication Foreign income return form guide (NAT 1840).

Label S - Did you have overseas branch operations or a direct or indirect interest in a foreign trust, foreign company, controlled foreign entity or transferor trust?

If the answer to this question is yes, select Y from the list at label S. Click label S to complete an International dealings schedule (IDS) for the current income year.

If the answer is no, select N at label S and do not complete the IDS schedule.

If the partnership was a subsidiary member of a consolidated group for the entire income year neither a return nor an IDS is required to be completed.

Label M - Listed country

Show at label M the amount of gross attributed foreign income from controlled foreign entities and transferor trusts of listed countries. Listed countries are set out in Part 1 of Schedule 10 to the Income Tax Regulations 1936.

Click labels M, U or X to use the Foreign Income worksheet (for) to record transactions and calculate any allowable Foreign income tax offset. Refer to Foreign income worksheet (for).

Label X - Unlisted country

Show at label X the amount of attributed foreign income from controlled foreign entities in unlisted countries. Unlisted countries are countries that are not listed in Schedule 10 to the Income Tax Regulations.

You should also show at label X the amount of income attributed from a transferor trust if the amount has not been shown at labels M or U.

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 Trusts

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