Where the Foreign income tax credits received are more than $1,000, you will first need to work out your foreign income tax offset limit.
Note: BGL does not provide tax advice, please refer to ATO for details.
Simple Invest 360 does not automatically calculate the foreign income tax offset limit for companies and individuals at this stage. Users may need to manually adjust the foreign Income tax offset amount.
BGL will add the automatic calculation of Foreign Tax Offset Limit for companies and individuals in a future release.
|Navigate to Compliance from the Main Toolbar
|Select Period Compliance
1. Select Calculate Taxable Income under Year-End Workflow to view the breakdown of Taxable Income.
2. Navigate to the Tax Adjustments section to view the Foreign Income Tax Offset. Update the field where necessary. (Note: the offset claimed can not exceed the calculated Foreign Income Tax Offset limit)
3. Select Save & Continue to complete.
Also refer to the article Foreign Income Tax Offset with Actuary Percentage for SMSFs.