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Part 28 of Schedule 6 to Tax Laws Amendment (2011 Measures No 9) Bill 2011, which was introduced to the House of Representatives on 23 November 2011, contains changes to the foreign income tax offset to correct an unintended outcome. Australian residents who have included foreign income in their assessable income and paid tax on that foreign income are eligible for a foreign income tax offset.

The proposed amendments will allow the excess foreign income tax offset for an income year that remains after being applied against a taxpayer's basic income tax liability, to be first used to reduce any liability to pay Medicare levy for that income year and if any remains, to reduce any liability to pay Medicare levy surcharge for the income year.

It is proposed the changes will apply for the 2008-09 income year and later years.

The ATO has now published the administrative treatment it proposes to apply both before and after the changes are made.


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