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  • Reporting income from international transactions

    If you have income from overseas you must declare 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 relief from double taxation.

    You must report any foreign income you receive that is exempt from Australian tax. This is because it may impact 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 convert all your foreign income, foreign deductions and foreign tax paid into Australian dollars.

    See also:

      Last modified: 28 Oct 2016QC 18452