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Foreign resident capital gains withholding credit modified

Foreign resident capital gains withholding credit modified

By Commercial Law Section

ATO Capital Gains Tax Taxation 


The Taxation Adminsitration (Remedial Power - Foreign Resident Capital Gains Withholding) Determination 2017 (F2017L00992) has been made.

The Determination modifies the crediting provisions in Sch 1 to the Taxation Administration Act 1953 (Cth) to allow an entity a credit for an amount withheld under foreign resident capital gains withholding provisions in Subdiv 14-D in the same income year as that in which the tax liability related to the sale of the asset subject to foreign resident capital gains withholding arises.

The modification applies in respect of transactions entered into on or after 1 July 2016.

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