Section F: Other information

Deals with other financial information that the Commissioner has determined is necessary to assess the operation.

Last updated 1 July 2024

14 Foreign income and net assets

Complete at item 14, labels:

A Attributed foreign income – listed country
C Attributed foreign income – unlisted country
F Net assets available to pay benefits

A Attributed foreign income – listed country

Write at label A the amount of attributed foreign income from controlled foreign entities and transferor trusts in listed countries. Listed countries are set out in 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 Income Tax Assessment Act 1936 (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 paragraph 102AAU(1)(d) of the ITAA 1936, as appropriate, to the extent of any foreign or Australian taxes paid.

C Attributed foreign income – unlisted country

Write at label C the amount of attributed foreign income from controlled foreign entities in unlisted countries.

Unlisted countries are countries not listed in Regulation 19 of the Income Tax Assessment (1936 Act) Regulation 2015.

Show also at label C the amount of income attributed from a transferor trust if the amount has not been included at label A Listed country.

For more information about the exemptions and calculation of the amounts to be reported at label A or C, see the Foreign income return form guide.

F Net assets available to pay benefits

Write at label F the total value of net assets available to pay benefits, including items such as life policies, units held in pooled superannuation trusts (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.

15 Transfer of liabilities to life insurance company or pooled superannuation trust

Complete at item 15:

Has the fund, with consent of the transferee, transferred assessable contributions under section 295-260 to a life insurance company or pooled superannuation trust?
Investment in any other life insurance policies or pooled superannuation trusts

Has the fund, with consent of the transferee, transferred assessable contributions under section 295-260 to a life insurance company or pooled superannuation trust?

Print X in the appropriate box at label A.

If the answer at label A is Yes then print:

the name of the life insurance company or PST
the ABN of the life insurance company or PST
the amount of the contributions transferred to each transferee at labels B and D
the market value of the transferor’s investment in each of the transferees at labels C and E.

Where there are more than 2 transferees, provide details of the 2 transferees that have the greatest market value.

The investments of a fund or approved deposit fund (ADF) in a life insurance company or PST may include items such as life insurance policies and units held in PSTs at the balance date.

Investment in any other life insurance policies or pooled superannuation trusts

Write at label F the total market value of investments in any other life insurance policies or PSTs that have not been included above.

For labels C, E and F, market value is to be given its ordinary meaning in accordance with and subject to Subdivision 960-S of the ITAA 1997.

16 Taxation of financial arrangements (TOFA)

Complete at item 16, labels:

H Total TOFA gains
I Total TOFA losses.

Write at labels H and I the total assessable gains and total deductible losses made from financial arrangements under the TOFA rules (unless it was made only because the fund held a qualifying security).

For more information about when the TOFA rules apply to funds, see:

H Total TOFA gains

Write at label H the fund’s total assessable TOFA gains from financial arrangements.

I Total TOFA losses

Write at label I the fund's total deductible TOFA losses from financial arrangements.

Ensure you take into account at labels H and I assessable gains or deductible losses made from financial arrangements subject to the TOFA rules that you have shown at:

item 10 Income – labels
- C Gross interest
- D Net foreign income
- D1 Gross foreign income
- I Gross distribution from partnerships
- J Unfranked dividend amount
- N Trust distributions unfranked amount
- Q Trust distributions other amounts
- G Foreign Exchange Gains
- S Other income
item 11 Deductions – labels
- A Interest expenses within Australia
- B Interest expenses overseas
- R Foreign exchange losses
- L Other deductions.

17 Overseas transaction or interest and foreign source income

You must answer this question even if the fund has no overseas transactions or interests.

Complete at item 17, labels:

A and B International related party dealings and transfer pricing
C Overseas interests
D Foreign source income
E Transactions with specified countries.

A and B International related party dealings and transfer pricing

To complete this section, consider the questions below.

Did the fund have any transactions or dealings with international related parties, irrespective of whether they were on revenue or capital account?

Print X at label A in the appropriate box, either No or Yes.

International related parties are associated entities or persons, including permanent establishments, who are parties to international (that is, cross border) dealings which may be subject to either:

Subdivision 815-B or 815-C of the ITAA 1997
the business profits article of a relevant tax treaty
the associated enterprises article of a relevant tax treaty.

International related parties include:

any overseas entity or person who participates directly or indirectly in the fund’s management, control or capital
any overseas entity or person in respect of which the fund participates directly or indirectly in the management, control or capital
any overseas entity or person in respect of which persons who participate directly or indirectly in its management, control or capital are the same persons who participate directly or indirectly in the fund’s management, control or capital
a permanent establishment and its head office
two permanent establishments of the same person.

‘Participates’ includes a right of participation, the exercise of which is contingent on an agreed event occurring. ‘Person’ has the same meaning as in subsection 6(1) of the ITAA 1936 and section 995-1 of the ITAA 1997.

The type of dealings or transactions that will require the fund to select Yes at this question are dealings by the entity with international related parties as mentioned above, such as an overseas holding company, overseas subsidiary, overseas permanent establishment of the entity, or non-resident trust in which the entity has an interest.

These international dealings or transactions may be for the provision or receipt of services, or transactions in which money or property has been sent out of Australia, or received in Australia from an overseas source during the income year. The dealings may also include transfers of tangible or intangible property, provision or receipt of services, or the provision or receipt of loans or financial services.

If money or property is not actually sent out of Australia or received in Australia, but accounting entries are made that have the effect of money or property being transferred, this is also to be taken as an international transaction.

Was the aggregate amount of the transactions or dealings with international related parties (including the value of property transferred or the balance outstanding on any loans) greater than $2 million?

Print X at label B in the appropriate box, either No or Yes.

The aggregate amount of the dealings is the total amount of all dealings, whether on revenue or capital account, and includes the balance of any loans or borrowings outstanding with international related parties.

Transactions must not be netted off against each other. Hence, a $600,000 purchase from, and a $700,000 sale to, a related party should be treated as totalling $1,300,000 not $100,000.

C Overseas interests

To complete this section, consider the question below.

Did the fund have an overseas branch or a direct or indirect interest in a foreign trust, foreign company, controlled foreign entity or transferor trust?

Print X at label C in the appropriate box, either No or Yes.

An interest in a controlled foreign company or trust may be either direct or indirect, and is taken to have the same meaning as set out in Division 3 Part X of the ITAA 1936.

A fund has an interest in a transferor trust if it has ever made, or caused to be made, a transfer of property (including money) or services to a non-resident trust. ‘Transfer’, ‘property’ and ‘services’ are defined in section 102AAB of the ITAA 1936. Sections 102AAJ and 102AAK of the ITAA 1936 provide guidance in relation to whether there has been a transfer or deemed transfer of property or services to a non-resident trust.

D Foreign source income

To complete this section, answer the question below.

Was the amount of foreign income tax paid greater than $100,000 OR was the amount of assessable foreign income greater than $500,000?

Print X at label D in the appropriate box, either No or Yes.

Assessable foreign income is all assessable income sourced from overseas, and includes interest, dividends, attributable income through the CFC regime, and foreign-sourced capital gains.

For more information on foreign income tax, see:

Guide to foreign income tax offset rules 2024.

For more information on foreign sourced capital gains, see:

E Transactions with specified countries

Print X at label E in the No box if you answer No to both questions below. Use the Yes Box if you answer Yes to either question.

Answer the following 2 questions:

1. Did the fund directly or indirectly send to, or receive from, one of the countries in the specified countries and jurisdictions list below, any funds or property? This includes sending or receiving the funds or property indirectly, for example, through another entity or country.

2. Does the fund have the ability to control the disposition of any funds, property, investments or any other assets located in any of the countries or jurisdictions in the specified countries and jurisdiction list below?

This includes:

funds or assets that may be located elsewhere but are controlled or managed from one of the countries in the specified countries list below
where you have an expectation that you are able to control the disposition of the funds or assets or you can control the disposition indirectly, for example, through associates.

Specified countries and jurisdictions

Andorra
Anguilla
Antigua and Barbuda
Aruba
Bahamas
Bahrain
Barbados
Belize
Bermuda
British Virgin Islands
Cayman Islands
Cook Islands
Curacao
Cyprus
Dominica
Gibraltar
Grenada
Guernsey
Hong Kong
Ireland
Isle of Man
Jersey
Liberia
Liechtenstein
Luxembourg
Mauritius
Monaco
Montserrat
Nauru
Netherlands
Niue
Panama
Republic of Marshall Islands
Samoa
Saint Maarten (Dutch part)
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines
San Marino
Seychelles
Singapore
Turks and Caicos Islands
Switzerland
US Virgin Islands
Vanuatu.

18 Other transactions

Complete at item 18, labels:

A Exempt current pension income
B and C Death or disability deduction
D Payments to contributing employers and associates.

A Exempt current pension income

Print X at label A in the appropriate box, either No or Yes.

If the fund has claimed an amount of exempt current pension income in respect of retirement phase superannuation income stream benefits, other than those prescribed by the income tax regulations where assets are fully segregated for all of the income year, has the trustee obtained the relevant actuary’s certificate or certificates required by sections 295-385 or 295-390 of the ITAA 1997 before the exemption can be claimed?

Retirement phase superannuation income stream benefits prescribed by regulation 295-385.01 of the Income Tax Assessment (1997 Act) Regulations 2021External Link are retirement phase superannuation income stream benefits payable from:

an allocated pension
a market linked pension
an account-based pension
within the meaning of the SIS Regulations.

B and C Death or disability deduction