Foreign Income and the Foreign Income Tax Offset
Overview
A guide to the tax treatment of foreign income and how to claim the Foreign Income Tax Offset (FITO).
This session takes a deep-dive into all aspects of foreign income and the associated tax offsets, including:
• Tax treatment of different sources of foreign income, depending on residency of the taxpayer, source and type of foreign income eg:
– pensions and annuities
- business income
- employment income
- income from assets and investments
- capital gains on overseas assets
• The impact of DTA’s
• Eligibility for the FITO
• How to calculate the FITO
• Which foreign taxes to include in the calculation
• When to claim the FITO
• The interaction between the CGT discount and the FITO
Learning Outcomes:
Attendees will gain an understanding of the Australian tax treatment of various types of foreign income, as well as the principles underlying the calculation and application of the FITO.
Suited to:
Tax Agents and accountants who act for clients with foreign income and assets.
This On Demand includes:
- a recording of the webinar Event which can be viewed multiple times
- a PDF of the presenter’s PowerPoint
- a verbatim Transcript
- any supporting documentation
- a CPD Certificate after successful completion of the Knowledge Quiz
Course syllabus
3 lessons
- Video – Foreign Income and the Foreign Income Tax OffsetVideo
- FeedbackSurvey
- Knowledge TestTest
Your presenter
Mark ChapmanH&R Block
is the author of Life and Taxes: A Look At Life Through Tax and has edited and updated the second, third, fourth and fifth editions of Australian Practical Tax Examples, published between 2019 and 2022 by Wolters Kluwer CCH Australia.
He has over 25 years experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a fellow of the Institute of Chartered Accountants in England and Wales, a fellow of CPA Australia and a member of the Chartered Institute of Taxation. He holds a Masters of Taxation Law with the University of New South Wales.
Since 2015, Mark has been Director of Tax Communications with H&R Block Australia. He writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance. As a tax practitioner in the UK, he occupied a number of senior positions before moving to Australia in 2007 to join the Australian Taxation Office (ATO) as a senior director.