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In media release No 2010/157, issued 16 July 2010, the Assistant Treasurer, Senator Nick Sherry announced the release for public comment of a discussion paper that represents a further step towards reforming the Controlled Foreign Company (CFC) rules.

The modernisation of the CFC rules is part of wider reforms to Australia's foreign source income anti-tax-deferral (attribution) rules that were announced in the 2009-10 Budget.

Submissions on the discussion paper close on 31 August 2010.


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