Document ID: chunk:federal_register_of_legislation:C2025C00029:section:6:p11
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 6 (pt 11/22)
Character Range: 6968341–6971124

the entity for a later income year.
 (5) Work out how much *conduit foreign income in a *frankable distribution flows through a trust or a partnership in the same way that you work out the *share of a *franking credit on a *franked distribution that flows through a trust or a partnership. That amount is treated as a received CFI amount under this section.
Note: See sections 207‑50, 207‑55 and 207‑57 for the share of a franking credit on a franked distribution that flows through a trust or a partnership.

802‑25  Conduit foreign income of an Australian corporate tax entity
  An *Australian corporate tax entity's conduit foreign income at a particular time (the relevant time) is worked out by applying sections 802‑30 to 802‑55.
Note: Subdivision 715‑U modifies the single entity and the entry history rule for the purposes of working out conduit foreign income for consolidated groups and MEC groups.

802‑30  Foreign source income amounts
 (1) Work out the amount of the entity's *ordinary income and *statutory income derived by the entity that has been, is or will be included in an income statement or similar statement of the entity or of another entity and that would not be included in the entity's assessable income if the entity:
 (a) for a company or a *corporate limited partnership—were a foreign resident at the relevant time; or
 (b) for a *public trading trust—were not a *resident unit trust for the income year in which the relevant time occurs.
Note: Income statements are prepared under the Framework for the Preparation and Presentation of Financial Statements (which is referred to in the Australian Accounting Standards).
 (2) Reduce the subsection (1) amount by any part of that amount that is or will be included in the entity's assessable income (apart from section 802‑20).
 (3) Add to the amount remaining after subsection (2) these amounts:
 (a) if the entity receives from another *Australian corporate tax entity a *frankable distribution that has an *unfranked part—any amount declared in the *distribution statement for that *distribution to be *conduit foreign income;
 (b) an amount that is treated as a received CFI amount for the purposes of section 802‑20 because of subsection 802‑20(5);
 (c) an amount that is *non‑assessable non‑exempt income under section 768‑5 and that would be not be included under subsection (1).
 (4) Reduce the amount remaining after subsection (3) by these amounts:
 (a) an amount that is *non‑assessable non‑exempt income under section 23AI or 23AK of the Income Tax Assessment Act 1936;
 (b) an amount that is not included in the entity's assessable income because of the operation of paragraph 99B(2)(e) of that Act;
 (c) the amount worked out using the formula:
  where:
          available franking credit