Tax Tip -- Foreign source income (Presented by Paul Clitheroe)


Uploaded by AusTaxOffice on 01.07.2012

Transcript:
Well, no matter where you come from, or who you make money from for that matter, as an
Australian resident individual or business, you may be taxed on your worldwide income.
Look, if you make money or receive payments from outside of Australia, you need to tell
the ATO about it in your tax return.
So that’s things like foreign income from investments - that, could be dividends and
rental properties, interest or royalties, foreign pensions.
Foreign income from international business transactions such as trading goods and service
over the internet.
But if you received foreign income and paid foreign tax on it – here is a good one - you
may be entitled to a foreign income tax offset.
My top tip here is simple: Declare it. Declare all foreign source income, even if you weren’t
required to pay tax on that income from overseas.
It can be a complex area so you may want to speak to a registered tax agent or you can
go online and check out the ATO’s website and search ‘International tax essentials
for individuals’.