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  • C1 Foreign income tax offset



    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 C1 the self-determined amount that is the fund’s foreign income tax offset.

    The fund may be able to claim a foreign income tax offset where it has paid foreign income tax on an amount included in its assessable income. The fund’s foreign income tax offset cannot exceed the lesser of:

    • the foreign income tax paid (or taken to have been paid)
    • its foreign income tax offset limit (the greater of $1,000 and the amount calculated under paragraph 770-75(2)(b) of the ITAA 1997).

    For the purpose of calculating the foreign income tax offset, transitional rules determine the amount of pre-commencement excess foreign income tax that can be used. Pre-commencement excess foreign income tax consists of certain excess foreign tax credits from the five years prior to commencement of the new rules.

    To calculate the foreign income tax offset, see the Guide to foreign income tax offset rules (NAT 72923).

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

    Last modified: 13 Feb 2019QC 35420