Miscellaneous 2007

They should be institutionalised: the AFI exemptions in Australia's CFC legislation

Source: The Tax Specialist Journal Article

Published Date: 1 Jun 2007

Australia's Controlled Foreign Company regime is aimed at the accruals taxation of certain income derived by foreign companies. Ordinarily, certain interest income and income and gains derived in respect of financial instruments would be taxed on an accruals basis under this regime. However, there are certain exemptions from the accruals taxation of such income for subsidiaries of Australian Financial Institutions. This article examines the mechanisms of these exemptions and outlines a proposal for reform of these exemptions.

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Miscellaneous 2007

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