Reference no: EM133266700
Barry White is an Australian resident. He works full-time as a senior audit manager for a chartered accounting firm, Binder Hamlyn, based in Brisbane city.
Foreign Dividend Received
Barry owns 1,000 shares in the New Zealand hiking and outdoor camping company, Kathmandu Limited. On 14 May 2022, Barry received a dividend cheque from the company's share registry in New Zealand for an amount of NZ$425.
According to the dividend statement that accompanied the cheque, the total amount of the dividend paid was NZ$500, but foreign withholding tax of NZ$75 equivalent to 15% of the gross dividend had been deducted from the gross dividend which was payable.
The foreign exchange rate on the date the dividend was received was $NZ1.00 = A$0.95. There were no franking credits in respect of these foreign dividends.
Barry advises you that he does not have more than $A50,000 invested in foreign assets.
What amount is assessable?
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