Support Query

At the disposal of foreign investment, there may be foreign income tax offset amounts to account for. 

Please note that BGL does not provide tax advice. Users may find other options that suit them better.

Solution

1. Navigate to   and select . Use the filter on the top right to search for the foreign investment account.

2. Click on the name of the foreign investment to edit the investment account and select More Details

3. Toggle off the 'Asset subject to CGT' toggle and then select Save.

If the foreign investment does not have a 23800 account linked, click on add linked account first before clicking Save. For more information on Linked accounts, click here.

Posting the Transaction.

Process a journal disposing of the investment with the sale amount entered, and include a line for the 23800 linked account with 0 entered in the credit field.

In the 'More Details' section of the 23800 account, scroll down and under Non-Primary Production Income (A), enter the foreign capital gains into the 'Foreign Discounted Capital Gains (Before Discount)' field and enter the foreign income tax offset in the field with the same name.

Once all other values have been entered, click to post the transaction to the transaction list.