Partners to rely on



Do you receive income from overseas sources?

The ATO continues to use data-mining techniques to make sure taxpayers are reporting all of their overseas income.

From 1 July 2009, Australian tax residents are taxed on their worldwide income, i.e. income derived from all sources, including wages, salaries and pensions, unless specifically exempted, in their Australian tax returns.

You will get a rebate or offset for tax paid in a foreign jurisdiction which will reduce your Australian tax payable on the overseas income. Even if no additional tax needs to be paid, the income still has to be reported.

Subscribe to the latest, easy to understand advice