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  • D 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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    Show at D assessable income derived which the fund derived from foreign sources, including New Zealand dividends and supplementary dividends to which you:

    • add the foreign tax you paid on that assessable income to give you the 'gross' or pre-tax value, and
    • from which you subtract expenses, including expenses attributable foreign income.

    Do not show net foreign source capital gains here; show them at A Net capital gain.

    If the total amount at D is a negative value, print L in the loss box.

    If the fund received franked distributions directly or indirectly from a New Zealand franking company, see Trans-Tasman imputation.

    Subject to transitional rules, foreign losses are no longer treated separately from tax losses. Do not take foreign losses into account at D. Foreign losses carried forward from prior years should be taken into account at M item 11 Deductions, in accordance with the instructions for that section.

    For more information on this process, see the Foreign income return form guide (NAT 1840).

    Do not subtract debt deductions in calculating net foreign income at D, except where they are attributable to an overseas permanent establishment of the fund. Show debt deductions at item 11, as relevant, at:

    • A Interest expenses within Australia
    • B Interest expenses overseas
    • I Investment expenses
    • J Management and administration expenses
    • L Other deductions.

    Complete a Losses schedule 2009 if the fund has:

    • total tax losses and net capital losses carried forward to the 2009-10 income year greater than $100,000
    • foreign source losses carried forward to the 2008-09 income year greater than $100,000
    • claimed a deduction for prior year controlled foreign company (CFC) losses greater than $100,000
    • CFC losses in 2008-09 greater than $100,000

    CFC losses carried forward to later income years greater than $100,000.

    Last modified: 29 Jul 2020QC 21714