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Although the foreign rental worksheet is a separate worksheet, for calculation purposes only, it is controlled by the foreign income worksheet (for). Therefore when you want to open it, click label R in the Individual Return at item 20 as shown below:

Alternatively, you can select it from the PreparationWorksheet > Foreign income rental worksheet, or from the relevant Navigation pane.

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This worksheet is NOT one that is lodged via ELS and applies only to the Individual Return and the net rent may only be shared with another Individual return.

The worksheet offers foreign currency conversion functionality and further allows for the income to be grossed up by any foreign tax paid and to be pro-rated over the number of days the taxpayer was a temporary resident of Australia.

In all other regards it is the same as the standard ATO Rental Schedule. The following screen shots show only those areas of the schedule that differ from the ATO rental schedule.

The first shows the different fields for a foreign address and the Exchange Rate Conversion fields.

Fields are provided to determine the number of days residency/temporary residency.

Where the dates are not the complete year, then temporary residency will be presumed and the amount available for distribution to the main return label and the sharee’s return (if any) will be recalculated on that number of days and the result will be defaulted to the ‘Share with’ fields at the time of sharing.

A summary of the amounts is shown at the foot of the schedule.

These values are passed to the Foreign Income worksheet so that the Foreign Income Tax Offset (FITO) can be correctly calculated.

CCH References

21-032 - Temporary Residents

22-125 - Concessions for Temporary Residents

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Supporting schedules and worksheets