ATO Interpretative Decision
ATO ID 2001/719
Income Tax
Foreign rental income - expenses incurred exceed foreign income receivedFOI status: may be released
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This document incorporates revisions made since original publication. View its history and amending notices, if applicable.
CAUTION:
This is an edited and summarised record of a Tax Office decision. This record is not published as a form of advice. It is being made available for your inspection to meet FOI requirements, because it may be used by an officer in making another decision.
This ATOID provides you with the following level of protection:
If you reasonably apply this decision in good faith to your own circumstances (which are not materially different from those described in the decision), and the decision is later found to be incorrect you will not be liable to pay any penalty or interest. However, you will be required to pay any underpaid tax (or repay any over-claimed credit, grant or benefit), provided the time limits under the law allow it. If you do intend to apply this decision to your own circumstances, you will need to ensure that the relevant provisions referred to in the decision have not been amended or repealed. You may wish to obtain further advice from the Tax Office or from a professional adviser.
Date of decision:
18 September 2001
This ATOID provides you with the following level of protection:
If you reasonably apply this decision in good faith to your own circumstances (which are not materially different from those described in the decision), and the decision is later found to be incorrect you will not be liable to pay any penalty or interest. However, you will be required to pay any underpaid tax (or repay any over-claimed credit, grant or benefit), provided the time limits under the law allow it. If you do intend to apply this decision to your own circumstances, you will need to ensure that the relevant provisions referred to in the decision have not been amended or repealed. You may wish to obtain further advice from the Tax Office or from a professional adviser.
Legislative References:
Income Tax Assessment Act 1997
section 8-1
subsection 79D(1)
subsection 160AFD(2)
subsection 160AFD(8)
subsection 160AFD(9)
subsection 160AEA(1)
subsection 160AEA(2) Related ATO Interpretative Decisions
ATO ID 2001/771
ATO ID 2001/772
Keywords
Passive foreign income
Rental property income
Foreign income
Net foreign income
ISSN: 1445-2782
| Date: | Version: | |
| You are here | 18 September 2001 | Original statement |
| 18 December 2001 | Archived |