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  • D1 Gross 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 D1 the gross assessable income derived by the fund from foreign sources, including New Zealand franking company dividends and supplementary dividends. Add the foreign tax paid on that assessable income to give the 'gross' or pre-tax value.

    Show at D1 any foreign source income included in the fund’s share of net income from a trust or any foreign source income received from a partnership. Do not include this amount at:

    I Gross distribution from partnerships

    • Q Trust distributions other amounts.

    Any foreign source income included in the fund’s share of net income from a trust that the fund is unable to report on a gross basis can be included at D1 on a net basis.

    Do not reduce gross foreign income by exempt current pension income. Exempt current pension income is shown at Y Exempt current pension income.

    Do not show at D1:

    any Australian franking credits attached to New Zealand franking company dividends; these should be shown at E Australian franking credits from a New Zealand company

    foreign exchange gains and losses; such gains and losses (from both foreign and domestic sources) should be shown at G Foreign exchange gains or at R Foreign exchange losses item 11 Deductions as appropriate

    foreign income to the extent it is non-arm’s length income of a complying superannuation fund, complying ADF or a PST; show this amount at U Net non-arm’s length income

    foreign source capital gains and losses; net capital gains should be included at A Net capital gain. An Australian superannuation fund makes a capital gain or capital loss 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 or loss, generally speaking, if the CGT asset is taxable Australian property just before the CGT event happens.

    The fund may also need to complete a Losses schedule 2013.

    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).

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    Last modified: 13 Feb 2019QC 35420