Hi,
My wife invested in some tax effective Australian managed funds and shares many years ago. As with many other funds the value has been dropping but we keep getting stung with tax due on foreign income and dividends (reinvested). We are not sure we are submitting correctly as not claiming double tax relief on all dividends plus we think we may be double paying tax (income & capital) when we have sold shares to utilise capital gains allowance on dividends received.
What is the max double tax relief we can claim? Is it it eligible for all Australian dividends received? How do we distinguish between capital gains on dividends reinvested versus initial investment? Can we claim any relief on the franking credits and tax on foreign income already paid by the funds? We have been calculating GBP gain by converting using HMRC average FX for the year for purchase and sale dates - is this correct? Again we have made gains due to fx movement although the market value of shares have fallen in AUD.
Thanks in advance.
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