D1 Gross foreign income
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Show at D1 the gross assessable income derived by the fund from foreign sources, including New Zealand dividends and supplementary dividends. Add the foreign tax paid on that assessable income to give the 'gross' or pre-tax value. Do not include any Australian franking credits attached to New Zealand dividends. Show these at EAustralian franking credits from a New Zealand company.
Show foreign exchange gains and losses (from both foreign and domestic sources) at S Other income or L Other deductions as appropriate.
Gross foreign income should not be reduced by exempt current pension income. Show exempt current pension income at K Exempt current pension income.
Do not show foreign source capital gains and losses here; show them at A Net capital gain.
If the fund received a distribution of foreign source income from a partnership or trust, include the foreign source income at D1. Do not include this amount at:
- I Gross distribution from partnerships, nor
- Q Trust distributions other amounts.
- Any foreign source trust distribution that the fund is unable to report on a gross basis can be included at D1 on a net basis.
- Even if the TOFA rules apply to the fund, show at D1 all gross foreign income received by it. If what you show at D1 includes an amount brought to account under the TOFA rules, also complete item 16 Taxation of financial arrangements (TOFA). For more information see Guide to the taxation of financial arrangements (TOFA) rules.
An Australian superannuation fund makes a capital gain if a CGT event happens to any of its worldwide CGT assets.
A fund that is not an 'Australian superannuation fund' makes a capital gain, generally speaking, if the CGT asset is taxable Australian property just before the CGT event happens. Do not show at D1 any capital gains made from these assets. Show the capital gains at A Net capital gain.
For more information, see:
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Last modified: 13 Feb 2019QC 28016