ATO increasingly focused on financial intermediary businesses Richard Wilkins looks at recent ATO developments regarding AFI foreign subsidiaries and the CFC rules. The controlled foreign company (CFC) provisions operate to attribute passive income derived by Australian-owned foreign companies to the Australian owners in certain circumstances. However, some types of income will not be attributed under these rules, such as interest income derived by Australian Financial Institution (AFI) subsidiaries whose sole or principal business is a financial intermediary business. Recent developments suggest the ATO has been considering whether companies relying on ... Sign in below or register now to read the full article |
Authors: Richard Wilkins Published Date: 12 July 2019 |
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