Item 20 - Label J - Foreign income tax offset

Show at label J, the allowable foreign income tax offset (FITO) referable to the current year of income.

Do not include any allowable pre-commencement excess foreign income tax credits (FTCs) that have not already expired.

Include at label D Non-refundable carry forward tax offsets in the Calculation statement any unutilised allowable pre-commencement FTCs that have not already expired.

The amount at label J flows to label C Non-refundable non-carry forward tax offsets in the Calculation statement.

Use the Foreign income worksheet (for) to manage your foreign income from all sources. When you close the for worksheet, we'll pass the FITO amount to Calculation statement label C.

See Guide to foreign income tax offset rules (NAT 72923).

CCH References

21-670 Scope of FITO Rules

21-680 Entitled to foreign income tax offset