If you were an Australian resident and you received income from overseas, you must declare your assessable foreign income even if tax was taken out in the country from which the income came. Foreign income that is exempt from Australian tax may still be taken into account to work out the amount of tax you have to pay on your other income.
If you received a lump sum payment from a foreign superannuation fund, phone the Superannuation Infoline 13 10 20. Some of these payments are taxable and some are exempt from Australian tax.
Note
You receive income even if it is held overseas for you.
New rules apply to foreign losses and what were formerly foreign tax credits and are now foreign income tax offsets.
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