On appeal, the Full Federal Court has upheld (by majority) that a decision that a taxpayer was not entitled to a full foreign income tax offset (FITO) for US tax paid on the sale of investments, as only half the capital gain had been included in his assessable income although there was an ancillary DTA issue that went against the taxpayer too.

See below for further details about the case.

FJM 28.8.19

[Tax Month – August 2019]

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