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  • Foreign income tax offset draft tax determination released for public consultation

    We've recently released TD 2019/D10 Income tax: can capital gains be included under subparagraph 770-75(4)(a)(ii) of the Income Tax Assessment Act 1997 in calculating the foreign income tax offset limit? for public consultation.

    A foreign income tax offset (FITO) may be available under Division 770 for foreign income tax paid on assessable income to reduce or eliminate Australian income tax that would otherwise be payable on amounts included in assessable income, subject to the calculation of a FITO limit.

    We've identified an interpretive issue relevant to large super funds in relation to whether capital gains which are not subject to foreign income tax should be included in the calculation of that FITO limit.

    Next step:

    • Read the draft TD 2019/D10 Income tax: can capital gains be included under subparagraph 770-75(4)(a)(ii) of the Income Tax Assessment Act 1997 in calculating the foreign income tax offset limit?

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      Last modified: 18 Oct 2019QC 60407