Where on company tax return does foreign income streamed through a managed investment go?

Discussion in 'Business Accounting, Tax & Legal' started by naz__, 26th Oct, 2016.

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  1. naz__

    naz__ Member

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    Standard distribution statements from managed investments (e.g. STW) or trusts show that "Other net foreign source income" goes into 20E and 20M on an individual tax return. However in this case the investment is owned by a company rather than an individual.

    I think on a company tax return it either goes into 6E (income) "Gross distribution from trusts" or into 7B "Other assessable income". Can you tell me which one? (final tax to be paid is the same either way)

    This sample tax statement https://www.netwealth.com.au/librarymanager/libs/41/Sample Taxation Statement - Company.pdf for companies specifies that the amount should go into 8R "Net foreign income", however if it is only put there it won't be added to total income at all so I'm pretty sure that is incorrect, however maybe it should also go into 8R (and possibly 8G "gross foreign income" too) so that the ATO can tell I am not claiming more "foreign income tax offset" in 20J than I am allowed.

    At the moment I am leaning to putting the value in 7B, 8R and 8G but not in 6E.

    Thanks for any help!
     
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  2. Simon Hampel

    Simon Hampel Founder Staff Member

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    Last edited by a moderator: 2nd Nov, 2016
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