Keep records of any overseas transactions that the company is involved, or has an interest in, during the income year.

The involvement can be direct or indirect, for example, through persons, trusts, companies or other entities. The interest can be vested or contingent, on purpose or as a result of another action. For example, where the company has direct or indirect control of:

• any income from sources outside Australia not disclosed elsewhere on the tax return, or
• any property, including money, situated outside Australia. If this is the case, keep a record of the:
  • location and nature of the property
  • name and address of any partnership, trust, business, company or other entity in which the company has an interest
  • nature of the interest.

If an overseas interest was created by exercising any power of appointment, or if the company had an ability to control or achieve control of overseas income or property, keep a record of the:

• location and nature of the property
• name and address of any partnership, trust, business, company or other entity in which the company has an interest.