Search found 13 matches

by unborderedlife
Sun Feb 06, 2022 5:50 am
Forum: Taxes
Topic: Calculating foreign tax credit
Replies: 30
Views: 4432

Re: Calculating foreign tax credit

I don't know why you are currently not having tax withheld. I would suggest you first raise that question with your Broker. Then, you would need to contact the ATO, point out that you are resident in Japan for Tax Purposes and therefore are covered by Article 10 Paragraph 2(b) and Article 11, and u...
by unborderedlife
Fri Feb 04, 2022 1:58 am
Forum: Taxes
Topic: Calculating foreign tax credit
Replies: 30
Views: 4432

Re: Calculating foreign tax credit

https://www.ato.gov.au/business/payg-withholding/in-detail/investment-income-and-royalties-paid-to-foreign-residents/?page=5 https://www.ato.gov.au/individuals/working/in-detail/payg-withholding/payg-withholding---varying-your-payg-withholding/?page=1#Understanding_withholding_variations https://ww...
by unborderedlife
Wed Feb 02, 2022 7:16 am
Forum: Taxes
Topic: Calculating foreign tax credit
Replies: 30
Views: 4432

Re: Calculating foreign tax credit

I tried just entering the foreign dividends in the 外国税額控除 section along with the interest, and it calculated my foreign tax credit as 3,700 yen, which is far lower than what I got when doing the calculation in Excel. unborderedlife, Does the treaty to avoid double taxation between Japan and Austral...
by unborderedlife
Wed Feb 02, 2022 7:14 am
Forum: Taxes
Topic: Calculating foreign tax credit
Replies: 30
Views: 4432

Re: Calculating foreign tax credit

Hi, sorry I just saw this as I am once again doing my taxes and confronted with the same issue. Are you saying that Japan will only provide a Foreign Tax Credit for tax paid in Australia to a maximum of 10%, regardless of how much tax I actually paid? Assuming that is so, the Foreign Tax Credit calc...
by unborderedlife
Thu Feb 04, 2021 8:59 am
Forum: Taxes
Topic: Use LINE to get an appointment at your tax office
Replies: 4
Views: 722

Re: Use LINE to get an appointment at your tax office

Keep in mind that you can only make appointments between 2 to 10 days in advance. I tried last night to make an appointment for today, but couldn't select the date as it was less than 2 days away. I just fronted up today (around 1:30pm) anyway, and there wasn't too much waiting time (maybe 15 mins)....
by unborderedlife
Thu Jan 28, 2021 8:23 am
Forum: Taxes
Topic: Calculating foreign tax credit
Replies: 30
Views: 4432

Re: Calculating foreign tax credit

Is there a reason by I should select 申告分離課税 as opposed to 総合課税? 総合課税 Taxation as at income tax 申告分離課税 Taxation is at the 20.315% tax rate. So if you are currently in Tax level that is more than 20.315%, 申告分離課税 is better, if you are lower 総合課税 is better. Got it, that makes sense. That is correct. It...
by unborderedlife
Thu Jan 28, 2021 5:35 am
Forum: Taxes
Topic: Calculating foreign tax credit
Replies: 30
Views: 4432

Re: Calculating foreign tax credit

Thanks mule96, I did go through that screen repeatedly but your explanation helps. Is there a reason by I should select 申告分離課税 as opposed to 総合課税? So say I select 申告分離課税 and manually enter my Australian dividend income (converted to yen) under 1 上場株式等の配当等に関する事項. (I don't have a Japanese 配当等の支払通知書 as...
by unborderedlife
Wed Jan 27, 2021 12:20 pm
Forum: Taxes
Topic: Calculating foreign tax credit
Replies: 30
Views: 4432

Re: Calculating foreign tax credit

Thanks for the detailed response but I'm just getting more confused :lol: My situation isn't too complicated; I just can't see where to enter the foreign dividends since the section in 収入金額 seems to only refer to securities on the Japanese stock market. All my Japanese securities are either in NISA ...
by unborderedlife
Wed Jan 27, 2021 10:37 am
Forum: Taxes
Topic: Calculating foreign tax credit
Replies: 30
Views: 4432

Re: Calculating foreign tax credit

Cheers, thanks for the confirmation on both counts. How about income that already has had tax withheld (i.e. dividends in the 特定口座 and Japanese bank interest). Can they also be omitted from the tax return and thus the formula above? I think there are two different ways your dividends can be reporte...
by unborderedlife
Sun Jan 24, 2021 6:06 am
Forum: Taxes
Topic: Calculating foreign tax credit
Replies: 30
Views: 4432

Re: Calculating foreign tax credit

1. When calculating the amount of income tax for the year {A}, should it be based on the gross income OR adjusted income with all deductions (health insurance, earthquake insurance, basic deduction, etc.) already subtracted (as shown on the end of year slip)? I just checked the calculation on my fo...