Home       What's New?       Corporate       Business       Published Information       Ministers       Related Websites

Exposure Draft - Reform of the foreign source income deferral rules


Thursday, 17 February 2011

Content ID:



On 17 February 2011 the Assistant Treasurer released for public consultation the exposure draft legislation on both the reform of the controlled foreign company (CFC) rules and the foreign accumulation fund (FAF) rule.

These reforms were announced in the 2009-10 Budget as part of wider reforms to Australia's foreign source income anti-tax deferral attribution rules.

The reform of the CFC rules will replace Part X of the Income Tax Assessment Act 1936 and the FAF rule seeks to address the most abusive cases of deferral in the non-control environment following the repeal of the foreign investment fund regime.

Making a submission

Interested parties are invited to comment on the exposure draft legislation. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 18 March 2011

Address written submissions to:
The Manager
International Tax Project Unit
International Tax and Treaties Division
The Treasury
Langton Crescent

Fax: (02) 6263 4352

Email: fsiattribution@treasury.gov.au

For enquiries regarding the CFC rules please call Haydn Daw (02) 6263 2969, John Nagle (02) 6263 4461, or Peter Peters (02) 6263 2969. For enquiries regarding the FAF rules please call Kristy Baker (02) 6263 2708.

Documents Available:

Acrobat (PDF) documents

 Acrobat (PDF)

Controlled Foreign Company (CFC) Exposure Draft  142.55kb
API Flow Chart  62.15kb
Foreign Accumulation Fund (FAF) Exposure Draft  36.71kb
Features of the rules   168.33kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Controlled Foreign Company (CFC) Exposure Draft  9,117.12kb
API Flow Chart  185.19kb
Foreign Accumulation Fund (FAF) Exposure Draft  9,370.34kb
Features of the rules   141.30kb

Related Items:

There are no related items available for content item 1930.

Treasury Portfolio Ministers - Link to website MoreSuper  - Link to website Carbon Price Modelling - Link to Website Clean Energy Future  - Link to website Review of compensation arrangements for consumers of financial services - Consultation Paper  - Link to website