Item 20 - Label J - Foreign income tax offset

Show at label J, the allowable foreign income tax offset referable to the current year of income. Do not include any allowable pre-commencement excess foreign income tax.

Include the amount at label J in label C Non-refundable non-carry forward tax offsets in the Calculation statement. Include at label D Non-refundable carry forward tax offsets in the Calculation statement any allowable pre-commencement excess foreign income tax that has not already been utilised, provided it has not already expired.

The Foreign income tax offset is integrated from the foreign income worksheet (for). Refer to Foreign income worksheet (for).

For more information on how to calculate the company's allowable foreign income tax offset, refer to Guide to foreign income tax offset rules (NAT 72923).

CCH References

21-670 Scope of FITO Rules