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  • Net foreign income



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

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    In relation to foreign tax credits, net foreign income is gross assessable foreign income less:

    • allowable deductions relating exclusively to foreign income
    • any domestic loss carried forward that you have elected to use against foreign income, and
    • deductions allowed by the Commissioner as being appropriately related to foreign income.
    Last modified: 05 Dec 2006QC 18000