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  • myTax 2019 Other foreign income

    Complete this section if you have any other foreign income that you have not been able to show anywhere on your tax return.

    On this page:

    Essentials

    Other foreign income includes:

    Australian resident

    If you received income from overseas, you must show your assessable foreign income here, even if tax was taken out of the income in the foreign country.

    You can 'receive income' even if it is held overseas for you.

    If you received a lump sum payment from a foreign superannuation fund, phone 13 10 20. Some of these payments are taxable and some are exempt from Australian tax.

    You must show the following amounts at this section:

    • an assessable dividend (or non-share dividend) from a New Zealand franking company and any attached Australian franking credits
    • a supplementary dividend from a New Zealand franking company
    • an assessable distribution from a trust or partnership (or share of a partnership loss) that includes Australian franking credits attached to a dividend (or non-share dividend) from a New Zealand franking company.

    A dividend from a New Zealand franking company may also carry New Zealand imputation credits. An Australian resident cannot claim any New Zealand imputation credits on an Australian tax return.

    Depreciation and capital expenses

    You generally can't deduct spending on capital assets immediately; instead you claim the cost over time, reflecting the asset's depreciation (or decline in value). For more information, see Guide to depreciating assets.

    You can use the Depreciation and capital allowances tool to work out any decline in value deduction as well as any deductible balancing adjustment when you stop holding a depreciating asset.

    The tool can be accessed in the Deductions section on the Prepare return screen.

    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).

    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.  
      • 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.
      • 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.
       
    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.

    MyTax uses the other foreign income Type as follows:

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

    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 the 'Use the Depreciation and capital allowances tool' link.

    At any time during 2018–19, 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 2018–19. Use:

    • the historical cost or market value, whichever is greater
    • the exchange rate at 30 June 2019 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.

      Last modified: 26 Jun 2019QC 59128