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Who can claim a foreign tax credit?

Last updated 16 March 2007

If you receive foreign income that is taxable in Australia, and you paid foreign tax for which you were personally liable in respect of that income, you may be entitled to a foreign tax credit. Taxes for which credit is allowed are called creditable taxes.

If you are claiming a foreign tax credit in respect of a foreign capital gain, you should include a note on your income tax return that specifies the amount of the foreign capital gain included in your net capital gain.

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