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You are allowed a credit only for foreign tax which you have actually paid or which you are deemed to have paid. You will need to request that a determination of your foreign tax credit entitlement be made or amended if you wish to claim a credit for foreign tax paid after your original assessment. Your assessment may also need to be amended to gross up your foreign income for any additional foreign tax credit you claim.
For further information please refer to Taxation Ruling IT 2529. Note that the three-year period for claiming a credit referred to in the ruling has since been extended to four years.
Last modified: 05 Dec 2006QC 17522