Item IT4 - Target Foreign income

The Target Foreign income worksheet (tfi) is a mandatory worksheet and provides a repeatable row for details and amounts to integrate to label V. Enter all the amounts that have been received by the taxpayer from foreign sources which are not included in assessable income and the total amount integrates to label V.

Integration from the Exempt foreign income label N at item 20 is provided to this worksheet.

The "Target foreign income amount" is not included in taxable income and therefore is not subject to income tax or to the Medicare levy. It is used solely in the income tests for Adjusted Taxable Income (ATI) for the purposes of discerning eligibility to the dependency tax offsets (T4 and T6).

Items IT1 to IT8 must have a value, even if zero. MYOB Tax will check IT5 and IT6 where income entered at various labels in the return have pre-filled the worksheets. For other items if there is no amount to be disclosed at these items, you must tick the checkbox for MYOB Tax to default a zero at those fields. [F3] validation message V2721 will be generated if this has not been done.

To indicate a zero amount at label V click the checkbox.