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Foreign income tax offset
Results for "Foreign income tax offset"
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Taxation Determination 2020/07
23/09/2020
The Commissioner has finalised the ATO’s view in Taxation Determination 2020/7 confirming that capital gains are not included when calculating the Foreign Income Tax Offset (FITO) limit. Application of the law The FITO limit is determined by section 770-70 of the ITAA 1997, requiring a comparison between Australian tax payable and Australian tax that would be […]
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Burton and Federal Commissioner of Taxation [2018] FCA 1857
20/09/2019
The Full Federal Court has dismissed a taxpayers appeal to claim the full Foreign Income Tax Offset (FITO) in respect of a discount capital gain. This decision should prompt taxpayers claiming FITO’s on foreign capital gains to ensure that they are only claiming the FITO on the amount of the capital gain that is assessable […]