Australian Reporting of Foreign Income
AIMS Australia Tax Accountants assists individuals with the Australian reporting of foreign income,
including foreign employment income, contractor or personal-services income, interest, dividends,
rental income, pensions and annuities, investment distributions and foreign capital gains.
The Australian treatment depends on the individual’s tax residency and temporary-resident status, the
nature and timing of the income, any applicable Double Tax Agreement, foreign tax paid, currency
conversion and the law applying for the relevant income year.
Compliance note
Australian residents for tax purposes are generally required to report Australian and foreign income,
but different rules can apply to temporary residents and foreign residents. Paying tax overseas does not
necessarily remove an Australian reporting obligation. A foreign income tax offset may be available
where the statutory requirements are satisfied, but the available offset may not equal all foreign tax
paid.
Matters We Commonly Review
Foreign salary and employment income
Foreign contractor or personal-services income
Foreign bank interest
Foreign dividends
Foreign rental income
Foreign pensions, annuities and retirement accounts
Foreign capital gains
Foreign managed fund and trust distributions
Foreign income tax offsets
Foreign-currency conversion
Prior-year foreign income omissions or corrections
Start with a Preliminary Enquiry
Provide a concise summary of your situation through the Initial Tax Enquiry Form. Do not include TFNs, passport numbers, bank account details or other highly sensitive identifiers.
