Guide to foreign income tax offset rules 2010-11

Superannuation funds

Limits apply to the foreign income tax offset allowed for foreign income taxes paid by a superannuation fund or approved deposit fund where the fund changes:

• from a complying superannuation fund to a non-complying superannuation fund, or
• from a non-resident superannuation fund to a resident superannuation fund.

Where a non-complying fund or a resident fund includes an amount in assessable income under items 2 and 3 in the table in section 295-320 of the ITAA 1997, and the fund paid foreign income tax on that amount (before the start of the income year), the fund is not entitled to a tax offset for the foreign income tax paid by the provider.

Sections within Special circumstances

• Superannuation funds
• Consolidated groups
• Life insurance companies
• Offshore banking units
• Foreign non-residents
• Australian source income