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Untaxed capital gains excluded from FITO limit calculation

Restrictions on including untaxed capital gains may result in reduced foreign income tax offset under ATO draft determination.

The Australian Taxation Office (ATO) has released Draft Taxation Determination 2019/D10 (Draft TD 2019/D10) in which it has expressed the view that those capital gains on which no foreign income tax has been paid are not eligible to be included under subparagraph 770-75(4)(a)(ii) of the Income Tax Assessment Act 1997 when calculating the foreign income tax offset (FITO) limit. This approach could restrict the amount of foreign income tax available as a FITO where foreign income taxes have bee...

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Authors: Fabian Fedele, Richard Wilkins

Published Date: 21 October 2019

 

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