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  • 54 Interest expenses overseas

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

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    Show at Q the amount of interest paid to non-residents. Include this amount at I item 5.

    An amount of tax (withholding tax) is generally withheld from interest paid or payable to non-residents, and from interest derived by a resident through an overseas branch. You must remit these amounts to the ATO. You cannot claim a deduction unless you have remitted any withholding tax to the Commissioner of Taxation. If you have withheld amounts from payments to non-residents, you may need to lodge a PAYG withholding from interest, dividend and royalty payments paid to non-residents - annual report by 31 October 2012. For more information, phone 13 28 66.

    Last modified: 12 Feb 2019QC 25837