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15 Mar 07 Entitlement of a trust estate to foreign tax credits - TR 2007/D3

This draft Taxation Ruling was released on 14 March 2007 for public comment by 27 April 2007. Its full title is "Income tax: entitlement to foreign tax credits under Division 18 of Part III of the ITAA 1936 when foreign income is included in the net income of a trust estate".

The draft Ruling addresses the following:

- the entitlement to claim a foreign tax credit or apply an excess foreign tax credit from an earlier year under Division 18 of Part III of ITAA 1936 for a resident beneficiary whose trust income includes foreign income; and
- the circumstances under which the trustee of a trust estate under Division 6 of Part III of the ITAA 1936 is entitled to claim a foreign tax credit or apply an excess foreign tax credit from an earlier income year.

For a copy of TR 2007/D3, go here

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