Do you have foreign income?

If you receive income from overseas you must declare this income in your tax return. 

This includes:

• capital gains on overseas assets
• income from assets and investments overseas
• employment and personal services income
• foreign pensions.

You may be able to claim a foreign income tax offset credit and will need to convert foreign income to Australian dollars. The foreign income declared in tax returns is cross-checked with offshore financial account data.

Find out more about the types of foreign income that need to be declared by referring to the ATO's Foreign Income guide or call Flor-Hanly's accountants in Mackay on 07 4963 4800.