Document ID: chunk:federal_register_of_legislation:C2005A00147:clause:2_1:p3
Version: federal_register_of_legislation:C2005A00147
Segment Type: clause
Provision Reference: sch 2 cl 1 (pt 3/6)
Character Range: 127231–129985

the receiving entity for the income year.

 (4) If a declared CFI amount is taken into account in working out an amount of *non‑assessable non‑exempt income of an entity for an income year, that amount cannot be taken into account for 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 *corporate unit trust or *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 23AJ of the Income Tax Assessment Act 1936 and that would be not be included under subsection (1).

 (4) Reduce the amount remaining after subsection (3) by these amounts:
 (a) an