Applying a FITO against Medicare levy, Medicare levy surcharge and flood levy
16 Sep 2014
Tax Laws Amendment (2011 Measures No. 9) Act 2012 introduced changes to allow a taxpayer to apply any remainder of their foreign income tax offset (FITO) for an income year against their liability to pay Medicare levy. If any remains after that, they can also reduce any liability to pay the Medicare levy surcharge for that income year.
The changes apply for the 2008-09 and later income years.
For more information, go here