In Guide to foreign income tax offset rules 2017 Specifically, a foreign income tax offset may arise: for a resident company that is an...
But an Australian managed fund may hold interests on FIFs or CFCs?
Does the section 770-10 ITAA 1997, Entitlement to foreign income tax offset, mean that the NANE income under either section 23AI or 23AK of the...
I know that FTC has limit in most of cases. But for FTC from managed funds, it looks like under section 23AI or 23AK. If so, it may not have limit...
What does FTC stand for?
Anyway, I am an Australian resident for tax purpose and a temporary resident as ATO defined. The questions are: 1. I am exempted from foreign...
Thanks Paul! What the TFC stands for? Is it CFC, controlled foreign company? My tax accoutant confirmed that I am a tax resident in 2016-2017...
Thanks for your reply! I am a tax resident. And according to the definiton int the ATO document: Foreign income exemption for temporary residents...
I am a temporary resident for Australian tax purpose. I received annual tax statement from the managed funds I invested. There are some amounts of...
Thanks Terry! But why the loan is mixed purpose? I suppose that the balance of the loan account is $100k and I repay the full amount in it and...
Thanks Terry! I mean I redrawing from the loan account. But if it's mixed by 2 purchases of shares or managed funds, it seems no harm to me...
I have a home loan for my residential family home purpose, e.g. $1m, so the interest is nondeductible. The repayment every month is $5k which is...
If Bob only invests $100 from his home loan and doesn't sell shares this year, he will have $5k interest and $4k income this year. Then he will...
Bob invests $100k redrawn from his home loan together with another $100k from his savings into shares The interests this year is $5k. The...
Bob invests $100k redrawn from his home loan into shares which is $1 per share. Suppose the interest this year is $5k while the dividents this...
Is the interest only deductible to the incomes, eg dividents and rental incomes, or also deductible to the capital gains if sold?
If Bob has $100k extra repayments, is there any difference between redraw $100k and redraw $50k 2 times?
Under what condition will it be deductible and what condition not?
If Bob get $8k from selling all of his XYZ shares with $2k loss and pay the $8k into the mixed purpose sub-account will he still have $2k deductible?
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