Release of Consultation Paper on Reform of Controlled Foreign Company Rules
05 January 2010
The Assistant Treasurer has today released a consultation paper 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.
Copies of the consultation paper can be obtained at www.treasury.gov.au. Submissions close on 1 March 2010.
Draft legislation giving effect to the remaining reforms that repeal the foreign investment fund (FIF) and deemed present entitlement (DPE) rules is also available on the Treasury website.
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