QUESTION 8

Aperture Pty Ltd is an Australian resident company for tax purposes. The following details relate to the year ended 30 June 2020:

• $24,000 interest income from Avalon (a non-treaty country). This amount is net of $6,000 withholding tax.
• $50,000 business income
• $2,000 in business related deductions
• $20,000 Interest from SouthPac bank an Australian bank.
• $14,000 fully franked dividend from Aus Co Pty, a non base-rate entity

Assume Aperture Pty Ltd is not a base-rate entity.

REQUIRED

What Foreign Income Tax Offset (FITO) is available to Aperture Pty Ltd?

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