In a media release issued on 5 January 2010, the Assistant Treasurer, Nick Sherry, announced the release of a consultation paper entitled "Reform of the Controlled Foreign Company Rules" setting out the proposed high-level design of the taxation laws to modernise the controlled foreign company (CFC) rules. The Government announced the modernisation of the CFC rules in the 2009-10 Budget as part of wider reforms to Australia's foreign source income anti-tax-deferral (attribution) rules. The remaining reforms repeal the foreign investment fund (FIF) and deemed present entitlement (DPE) rules and modernise the transferor trust rules.
Submissions close on 1 March 2010.
For a copy of the Assistant Treasurer's media release, No 2010/003, 5 January 2010, go here
For a copy of the consultation paper, go here