Foreign Resident Capital Gains Withholding Credits - AE Tax 2017

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Mindy
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Foreign Resident Capital Gains Withholding Credits - AE Tax 2017

I have a client who is a non-resident for tax purposes in Australia. He disposed off some property (in Australia) during the 2017 Financial Year, and 10% of the sale price was remitted to the ATO as Foreign Resident Withholding Capital Gains Credits (FRWCG Credits).

 

As part of the tax return, we have included these credits at Item 18X in AE Tax 2017. However, when a taxation estimate report was generated, the FRWCG Credits is shown as Franking Credits and is non-refundable. The client has a taxable income of $0 and should technically be entitled to the full amount of FRWCG Credits.

 

Please advise.

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MYOB Staff Post VanessaZac
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Re: Foreign Resident Capital Gains Withholding Credits - AE Tax 2017

Hi @Mindy

 

Thanks for posted to our MYOB Community Forum.

 

Yes, we are aware the MYOB estimate in Tax 2017.0 is currently not displaying the excess Foreign Resident Capital Gains Withholding credits (FRCGW) correctly.  Where FRCGW is greater than non-resident tax payable, the taxpayer is entitled to a refund. 

 

Our Product Development team is working to fix this issue in our upcoming release.  The release date has not yet been confirmed. 

 

You may still lodge the tax return, but you may like to manually edit the MYOB tax estimate to display the correct estimate.  For further information on this issue and how to edit an MYOB tax estimate, please refer to our Knowledge Base and search articles 38679 and 35650. 

 

Cheers,

Vanessa
Practice Solutions
MYOB Australia Pty Ltd
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