Foreign Business Income – Tax Refund On Spot
As an Australian resident, you are taxed on your worldwide income. This means you must report all income you get from foreign business activities on your Australian tax return.
Foreign business income
How tax applies to income you get from international transactions may depend on whether the transaction involves a country that has a tax treaty with Australia. Australia has tax treaties with more than 40 countries, including all our major trade and investment partners.
Reporting income from international transactions
If you have assessable income from overseas, you must state it on your Australian tax return. If you have paid foreign tax in another country, you may be entitled to an Australian foreign income tax offset, which provides aid from double taxation.
You must report any foreign employment income you receive that is exempt from Australian tax because we may take it into account to work out the amount of tax you are liable to pay on both your Australian and foreign income.
Before you calculate your income and deductions, you must change all your foreign income, foreign deductions and foreign tax paid into Australian dollars.
For more information on Etax, myTax ATO and online tax return, please contact us at 1300768284 or you can email us at enquiry@taxrefundonspot.com.au
