Error: CMN.ATO.IITR.731359 - Foreign income tax offset is incorrect
Should add one of the foreign income worksheets (in Foreign section), where user should enter income from selling CGT assets and also foreign tax paid.
20M Other foreign source income
Activate "Foreign" via manage section
Select "Income" > "Foreign" tab
Scroll through item 20 Foreign source income and foreign assets or property
Find the Other foreign source income section in the lower part of the form. Click plus sign to be able to Add Worksheet.
Entering Capital Gains in the Managed Fund Worksheet
Enter Capital Gains (Discount Method)
Besides entering FITO (Foreign Income Tax Offset), you may also enter "Capital gains – discount method (Grossed-up amount) via T9" in the designated field.
The entered Capital Gains amount will automatically be transferred to the Capital Gains section (Income > Foreign)
In the Capital Gains section, you can apply any available capital losses to offset your gains.
Tip: Always double-check that the amounts are correct before proceeding, especially if you have multiple sources of capital gains or losses.
If the issue persist, the user may reach out directly to the ATO as CMN.ATO.IITR.731359 is their validation rule and LodgeiT cannot avoid it. Or LodgeiT team can request investigation to the ATO but it will usually takes 1-2 weeks for them to answer.