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  • Section A: Foreign-sourced income

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Question 2

    Complete by placing an 'X' in the applicable box.

    If you answer 'yes', you need to provide the total amount of gross assessable foreign income. This amount should not be reduced by any foreign tax paid on this income. You should include at this question any assessable foreign source capital gains.

    You should not include any of the following:

    • foreign sourced income that is exempt income
    • non-assessable non-exempt income
    • attributable income included in assessable income under Part X of the ITAA 1936.

    The dollar amount is based on your tax records.

    This information will help us to quantify the significance of Australian taxpayers' international dealings.

    Foreign income is income derived from sources in a foreign country. The concept of assessable foreign income is very broad and includes both of the following:

    • income according to ordinary concepts
    • income included under statutory provisions.

    A receipt sourced from a foreign country is foreign income only if it is income according to Australian income tax law. Its characterisation under the tax law of the foreign country is irrelevant.

    Last modified: 09 Nov 2011QC 24292