myTax 2024 Foreign entities

Things to know

Complete this section if you are an Australian resident for tax purposes who:

• had either a direct or an indirect interest in a controlled foreign company (CFC), or
• at any time, directly or indirectly transferred or caused the transfer of property (including money) or services to a non-resident trust.

If you are a temporary resident don't show your foreign investment income at this section. See Tax-free income for temporary residents for the definition of a temporary resident and details of the exemption.

Controlled foreign company (CFC) income

The CFC measures may apply to income and gains of foreign companies in which you alone, or with associates, had either:

• direct or indirect controlling interest totalling 10% or more in a foreign company
• effective control of a foreign company.

For more information, see Attribution of the current year profits of a controlled foreign company (CFC).

Income from transfer of property (including money) or services to a non-resident trust estate

The transferor trust measures may apply if, at any time, you directly or indirectly transferred or caused the transfer of property (including money) or services to a non-resident trust. A trust is a non-resident trust if, at any time during the income year:

• no trustee of the trust estate was an Australian resident, and
• the trust estate's central management and control was not in Australia.

For more information, see Transferor trust and related measures.

Completing this section

To personalise your return to show foreign entities, at Personalise return select:

• You had foreign income
• Foreign entities

To show your foreign entities details, at Prepare return select 'Add/Edit' at the Foreign income, assets and entities banner.

At the Foreign entities banner:

1. Enter your attributed foreign income from any CFC at Controlled foreign company (CFC) income.
2. Enter your attributed foreign income from transferor trusts at Income from transfer of property (including money) or services to a non-resident trust estate.
3. If you enter an amount at Income from transfer of property (including money) or services to a non-resident trust estate, you need to enter the
   • Name of non-resident trust
   • Name of trustee or trustees.
4. Select Save.
5. Select Save and continue when you have completed the Foreign income, assets and entities section.