myTax 2018 Other foreign income

Other foreign income includes:

• foreign rental income
• foreign superannuation lump sums
• other foreign source income, including
  • interest, royalties or dividends
  • income from carrying on a business wholly or partly overseas
  • any other foreign income.

For more information, see You need to know or use the left hand side table of contents.

MyTax will ask you to indicate the type of other foreign income. When you indicate the type is:

• Foreign rental income, myTax will use this amount to calculate any Net rental property loss in the Income tests section.
• Other foreign income from a financial investment, myTax will use this amount to calculate any Net financial investment loss in the Income tests section.

Do not show at this section

Do not show at this section a capital gain or capital loss from a foreign source; Capital gains or losses deals with these amounts (the amount of any foreign income tax offset may include amounts of foreign tax paid in respect of a capital gain from a foreign source).

Depreciation and capital allowances tool

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

You can use the Depreciation and capital allowances tool to work out any deductible decline in value or any balancing adjustments associated with other foreign income. To access the tool, select the 'Work it out' link in the Deductions section on the Prepare return screen.

Completing this section

You will need distribution advices from companies, partnerships and trusts and details of expenses you incurred in earning your foreign income.

All foreign income, deductions and foreign tax paid must be converted to Australian dollars before you complete this section. You can use the Foreign income conversion calculatorThis link opens in a new window.

1. For each other foreign income source, select Add.
2. Indicate the other foreign income Type and enter information into the corresponding fields.
   1. At Gross income: include any assessable foreign income (including foreign tax on that income) that you have not already shown on your tax return. Foreign tax includes any New Zealand non-resident withholding tax.
   2. At Deductible expenses: include any deductible expenses that you incurred in earning your other foreign income, excluding any debt deductions such as interest and borrowing costs. For more information, see debt deductions.
      Note: If you used the Depreciation and capital allowances tool, fields containing information from the tool cannot be directly adjusted in myTax. To make any adjustments to this information, or to add new assets to the tool, select Work it out.
3. Select Save.
4. If you haven't already done so, answer the question During the year did you have an interest - direct or indirect - in overseas assets worth AUD$50,000 or more?
5. Select Save and continue.

At any time during 2017–18, did you own or have an interest in assets located outside Australia that had a total value of AUS$50,000 or more?

Assets include real estate, shares in companies and other entities, interests in partnerships or trusts, businesses, debentures, bonds, money and funds held in accounts or by other parties, loans to other parties and deposits. They also include intangible property such as trademarks, copyrights, patents, debtors or 'equitable choses in action'.

Your assets include any interest, whether legal or beneficial, and whether held directly or indirectly through one or more interposed entities.

If all the assets you held overseas are covered under Foreign entities your answer to this question is No. Otherwise read on.

Determine the value of all your overseas assets, whether tangible or intangible, and whether or not you received any income from those assets during 2017–18. Use:

• the historical cost or market value, whichever is greater
• the exchange rate at 30 June 2018 to convert the value of the assets to Australian dollars or, if you disposed of the assets during the year, the exchange rate at the time of disposal.

Answer Yes if the value of your overseas assets was AUD$50,000 or more.