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Step 5

Last updated 16 March 2007

Work out your net income for each class of foreign income. Net foreign income is so much of your assessable income as is foreign income of that class, less the following deductions:

  • expenses directly related to that class of foreign income other than relevant debt deductions
  • any domestic loss carried forward from a previous year that you have elected to use against your foreign income
  • other deductions relating to that class of foreign income other than relevant debt deductions.

QC91429