This question will help us to identify if there is a risk that income of a foreign hybrid limited partnership (FHLP) or a foreign hybrid company (FHC) has not been appropriately returned in Australia as an assessable distribution.
The dollar amounts or values asked for in this question are all based on your accounting records.
FHLP has the same meaning as set out in section 830-10 of the ITAA 1997.
FHC has the same meaning as set out in section 830-15 of the ITAA 1997.
If you were a partner in a FHLP or a shareholder in a FHC, answer 'Yes' at label A of question 29 and complete the required labels:
- At item 29, label B, write the number of FHLPs and FHCs in which you had an interest during the income year.
- At item 29, label C, write the total amount of your share(s) of net income or profit.
Example
ABC Co is an Australian resident taxpayer that is a partner in two foreign hybrid limited partnerships. It also holds shares in one foreign hybrid company. During the income year ABC Co had the following in respect of its interests in these entities.
Entity |
Amount |
Share of net income from the BBB partnership |
750,000 |
Share of net income from the CCC partnership |
100,000 |
Distribution of profit from the XYZ company |
275,000 |
Total |
1,025,000 |
To complete this question ABC Co:
- writes 3 at item 29, label B
- writes $1,025,000 at item 29, label C.