Clients' tax returns affected by the new foreign investment fund (FIF) rules
We have identified several issues in the software used by tax agents to prepare their client's income tax returns.
This means that under the new FIF rules, some tax calculations of some clients who have:
- FIF income
- foreign tax credits (FTC), and
- excess imputation credit (ICA)
might not be correct and all the assessments you receive will differ from the returns you filed.
The reason for this is that some losses carried forward were calculated incorrectly, and we will have to manually clear all the affected returns.
Find out more about the new FIF rules.
Software issues and foreign investment fund (FIF) rules.
Date published: 28 Sep 2009
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