We’re aware of some issues with returning overseas tax credits.
We've resolved the issue where Estate and trust returns that allocated overseas tax credits to beneficiaries were not updating correctly in our system. These credits were instead being fully allocated as a trustee tax credit. These credits are now being allocated correctly to the beneficiaries when the return is filed.
For returns filed before 16 May 2020, send us a web message and we'll manually update the return to correct this.
The issue where full overseas tax credits are being allowed in some cases but should be limited based on the customer’s total income still exists.
We’re still in the process of resolving this issue and will provide an update once it has been fixed. In the meantime, send a message in myIR if you or any clients are affected by this issue and we'll update the return.