Source: New places to play in Gungahlin
Do you have clients with a substantial interest in a foreign company controlled by Australian residents?
If so, make sure you’re correctly applying the CFC provisions. This involves disclosing all CFCs, and their income, in tax returns and the international dealings schedule.
Our reviews have shown that some tax agents don’t fully understand the provisions, putting their clients at risk of lengthy reviews and costly amendments.
Resources to use
You can check your understanding of the CFC provisions by reviewing: