I am using MyTax to complete my tax return and am entering details from a tax statement. There's an amount, 20F, Aus franking credits from a New Zealand franking company. I know where to enter this amount, no problem there.
My question is what impact does a 20F amount have on assessable income, tax liability and tax payable?
It seems to increase taxable income but doesn't not impact credits/offsets. Moreover, it results in the assessable amount of foreign income (20M + 20F) exceeding the 20E amount.
Is this correct?
I would have thought a 20F amount would give rise to an increase in credits/offsets and, perhaps, an increase in assessable income.
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