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We’ve resolved the issue where full overseas tax credits were being allowed but should have been limited.

If you have a client with more than 1 source of income who is entitled to claim more overseas tax credits than have been allowed, send us a message in myIR to review the tax credits. Include the following details for each source of income:

  • a description of the type of income and where it is sourced, for example Australian rental income, USA partnership income, UK interest
  • the amount and evidence of income and any 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.