ATO encourages taxpayers to review past FITO claims

17 February 2020

Following the High Courts refusal to hear an appeal in Burton, ATO Deputy Commissioner encourages clients to review past tax returns

Following the High Courts refusal to grant special leave for the taxpayer to appeal in Burton, the law in relation to the claiming foreign income tax offsets in relation to discount capital gains made in the USA can be considered settled. Deputy Commissioners Tim Dyce said on 14 February in an ATO media release that taxpayers who may have incorrectly claimed full foreign income tax offsets on US sourced capital gains should review past tax returns and approach the ATO by making any necessary voluntary disclosures.