Foreign tax credit for a dividend paid from attributed income

If you are an Australian resident and you receive a dividend that has been wholly or partly paid out of income that was previously attributed to you and therefore already subject to Australian tax, the whole or part of the dividend will be exempt from tax. Attributed income is income that arises from an investment in a controlled foreign company, a foreign investment fund or foreign life policy, or from a transfer or trust. Attributed income is shown at item 18 on your tax return (supplementary section).