This part explains the general foreign tax credit rules for Australian residents and the rules that apply specifically to Australian companies.
Summary of part 3
General credit available to Australian residents |
|
Credit specific to Australian companies |
The general rule is that:
- if you are an Australian resident for taxation purposes, you may be entitled to a credit for the foreign tax you have paid, and
- if you are an Australian company, you may also be entitled to a credit for foreign underlying tax paid by a related company on profits out of which a dividend is paid.