Convert excess tax credits to tax loss
Summary:
Convert excess tax credits to tax loss
Content (please ensure you mask any confidential information):
In TRCS, is there a way to convert excess tax credits to tax losses? If so can this be done through NOL automation? As a context, this practice is allowed in certain jurisdictions such as in Australia:
"If a corporate tax entity (such as a company) has taxable income, the franking tax offsets it receives can reduce its income tax liability to nil, but is not refunded if it exceeds its liability. This is likely to occur when the entity's other taxable income is in a net loss position disregarding the dividend income derived.
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