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Strategies & Market Trends : Heinz Blasnik- Views You Can Use -- Ignore unavailable to you. Want to Upgrade?

To: Joan Osland Graffius who wrote (3962)	12/26/2003 1:25:17 PM
From: EL KABONG!!!	Read Replies (1) \| Respond to 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