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Strategies & Market Trends : Heinz Blasnik- Views You Can Use
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To: Joan Osland Graffius who wrote (3962)12/26/2003 1:25:17 PM
From: EL KABONG!!!  Read Replies (1) of 4905
 
Hi Joan,

Do you live in the US? Taxes paid in Australia are deductible as if you paid them in the US.

Yes, I live in the USA. And yes, the taxes paid in Australia are deductible from the amount of profits taxable in the USA. However, the taxes paid to Australia are not a direct tax credit to what is owed to the IRS. In other words, you don't reduce your USA taxes by the exact same amount you paid to the Australian government. To the best of my knowledge, the foreign tax is a tax deductible item, not a tax credit.

KJC
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