20 Foreign source income and foreign assets or property 2025

Things you need to know

Declare at this question foreign source income and foreign assets or property. Foreign income you report at this question depend on your residency status. You may also need to complete this question to claim a foreign income tax offset.

Australian resident foreign income

If you're an Australian resident and receive income from overseas, you must show your assessable foreign income at this question. This is even if you pay tax on the income in the foreign country.

We may use foreign income you receive, that is exempt from Australian tax, to work out the amount of tax you have to pay on your other income.

If you receive a lump sum payment from a foreign superannuation (super) fund, contact us. Some of these payments are taxable and some are exempt from Australian tax.

You must show the following amounts at this question:

• 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 can't claim any New Zealand imputation credits in an Australian tax return.

For more information, see Part E and Part G.

Temporary resident foreign income

If you're both an Australian resident, and a temporary resident, the only foreign income you'll need to show at this question is some income that you earn from foreign employment while a temporary resident. Read Part A to determine how much of this foreign employment income you should report.

For the definition of a temporary resident and details of the exemption, see Tax-free income for temporary residents in Amounts that you don't pay tax on 2025.

Foreign income tax offset

You need to complete this question to claim a foreign income tax offset (formerly foreign tax credits) for foreign tax you pay, see Part H.

Hybrid mismatch rules

You may need to consider whether the hybrid mismatch rules apply to you if you incur expenses which are deductible to you in deriving assessable foreign source income. To work out whether an otherwise deductible expense amount isn't allowable as a deduction, see Hybrid mismatch rules.

Reporting foreign income

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

Did you:

• receive income from foreign employment
• receive a foreign pension or annuity
• receive a lump sum payment from a foreign super fund
• transfer money from a foreign super fund to an Australian super fund
• receive any other foreign source income including interest, dividends, royalties, rent, business income or a share of income from a partnership or trust
• at any time during 2024–25, own or have an interest in assets outside Australia that had a total value of A$50,000 or more?

If you answer:

• No – Go to question 21 Rent 2025.

If you receive one or more distributions from trusts, you must also complete a Trust income schedule 2025. Attach the schedule you complete to your tax return. Print X in the Yes box at Taxpayer's declaration – question 2 in your tax return.

Business and professional items schedule

If you need to complete Part E, Step 4 you will also need to complete a Business and professional items schedule 2025, where:

• any part of the amount relates to a business activity that has made a loss
• you didn’t carry on the business activity in Australia.

You should lodge your tax return using myTax or a registered tax agent. If you're unable to use myTax or a registered tax agent, contact us and we provide you a paper tax return that includes the Business and professional items schedule 2025.

Don't include at this question

Don't show at this question:

• A capital gain or capital loss from a foreign source – question 18 Capital gains 2025 deals with these amounts (the amount of any foreign income tax offset you calculate under Part H may include amounts of foreign tax you pay in respect of a capital gain from a foreign source).
• A lump sum payment of your foreign pension that relates to an earlier year – see Lump sum payments in arrears at question 24 Other income 2025 (if your arrears amount is exempt from tax see Part B).
• Payments you receive on termination of your employment in a foreign country that are dealt with by question 4 Employment termination payments 2025.
• Employee share scheme interests that you receive at a discount and that relate to your foreign employment – question 12 Employee share schemes 2025 deals with these amounts. The amount of any foreign income tax offset you calculate under Part H may include amounts of foreign tax you pay in respect of employee share scheme discounts.

You must convert all foreign income, deductions and foreign tax you pay to Australian dollars before you complete this question. Use the Foreign income conversion calculator.

What you need to answer this question

You'll need:

• Foreign tax assessments, PAYG payment summary – foreign employment or income statements.
• Distribution advices from companies, partnerships and trusts.
• Details of any expenses you incur in earning your foreign income.

You may also need to refer to:

• You and your shares 2025.
• Guide to foreign income tax offset rules 2025.
• Taxation determination TD 2012/8 Income tax: what types of temporary absences from foreign service form part of a continuous period of foreign service under section 23AG of the Income Tax Assessment Act 1936?

Completing your supplementary tax return

To complete this question, answer the following parts and steps.

PAYG payment summary – foreign employment or income statement

If you have foreign employment income on an income statement or a PAYG payment summary – foreign employment, read on. Otherwise, go to Part A.

Make sure you include in your tax return the income on your income statement or PAYG payment summary – foreign employment. Include these amounts at questions 1 and 3 in your tax return or question 24 in your supplementary tax return.

If you're an Australian Government agency employee (and not a member of a disciplined force), you pay tax on income you earn from delivering Australian official development assistance (ODA). Members of a disciplined force delivering ODA are still eligible for exemption.

Step 1

Add all the 'Gross payments' and 'lump sum A and lump sum E amounts' from each:

• PAYG payment summary – foreign employment
• income statement.

Step 2

Add all the deductible expenses you incur in earning your foreign employment income from step 1.

You would also include these deductible expenses at questions D1 to D5 in your tax return.

Step 3

Subtract the total deductible expenses from step 2 from the total gross payments from step 1 and write the answer at question 20 – label U. If the answer is negative, print L in the Loss box at question 20 – label U.

If you receive no other foreign income, go to Part H. Otherwise, read on.

Part A

Do you receive income from foreign employment that isn't on an income statement or PAYG payment summary – foreign employment?

• No – Go to Part B.
• Yes – Read on.

Foreign employment income is income you earn working overseas as an employee, such as salary, wages, commissions, bonuses or allowances.

Don't include foreign employment income that shows on a:

• PAYG payment summary – foreign employment
• income statement.

Step 1

Find out whether any of your foreign employment income is exempt from Australian tax because of:

• a privileges and immunities agreement or a law covering persons connected with international organisations
• specific exemptions for the pay and allowances of members of the Australian Defence Force, that relate to eligible duty in a specified area.

Your employer should be able to tell you whether either of these applies.

If all your foreign employment income is exempt for either of these reasons, don't include this income anywhere in your tax return. Go to Part B. Otherwise, go to step 2.

Step 2

Your foreign employment income that isn't exempt under step 1 might still be exempt from tax. Work through the rest of the steps to find out whether it's exempt from tax. Even if it's exempt, we still take it into account to work out the tax on your other assessable income.

Income from self-employment and contracts isn't generally exempt from tax. Include it in other foreign source income at Part E.

Step 3

Do you have foreign service income that is directly attributable:

• to your employer, which isn't an Australian Government agency, delivering Australian official development assistance
• to the activities of your employer, that they finance from a public fund
  • the Minister declares to be a developing country relief fund
  • established and maintained to provide monetary relief to people in a developed foreign country affected by a disaster (a public disaster relief fund)
• to the activities of your employer, which is a prescribed charitable or religious institution exempt from Australian income tax because your employer is
  • outside Australia
  • pursuing objectives outside Australia
• to your deployment outside Australia as a member of a disciplined force of an Australian Government authority?

If you answer:

• No – Go to Part A, Step 5.
• Yes – Read on.

For more information, see Tax exempt income from foreign employment.

Step 4

Do you pay, or are you liable to pay, foreign income tax on your foreign employment income?

• Yes – Go to, Part A, Step 7.
• No – See, Non-exemption conditions to work out your entitlement to an exemption from Australian tax on your foreign service income.
  • If you're entitled to an exemption based on these conditions, go to Part A, Step 7.
  • If you aren't entitled to an exemption, go to Part A, Step 5.

Step 5

Are you engaged in foreign service in connection with an Austrade approved project?

• No – Go to Part A, Step 8.
• Yes – Go to Part A, Step 6.

Step 6

Do either of the following apply to you:

• you pay, or are liable to pay, foreign income tax on your foreign employment income
• a tax treaty with Australia (or a law giving effect to a tax treaty) isn't the only reason why you don't have to pay tax in the country where you earn the income?

If you answer:

• No – Go to Part A, Step 8.
• Yes – Go to Part A, Step 7.

Step 7

Work out the period that you continuously engage in service in the foreign country.

If you're absent from the foreign country at any time during this period, see Tax exempt income from foreign employment to find out whether we consider you to have been continuously engaged in service in the foreign country. If you're working on a project approved by Austrade, see Working on an approved overseas project.

If your period of continuous service in a foreign country was 90 days or less, your foreign employment income isn't exempt from tax. If it was 91 days or more, your foreign employment income will generally be exempt from tax. If you're not sure, contact us.

If your foreign employment income isn't exempt from tax, go to Part A, Step 8. Otherwise, read on.

If any of your foreign employment income is exempt from tax, write the total that is exempt from tax less any expenses that aren't capital in nature that you incur in earning that exempt income at question 20 – label N. If the amount is a loss, write 0 (zero). You can't claim a foreign income tax offset on this income.

Foreign employment income paid in arrears

If your foreign employment income that is exempt from tax includes an amount paid in arrears and you're liable for the Medicare levy surcharge (see, question M2), you'll need to provide additional information.

If you're lodging a paper tax return:

• write on a separate sheet of paper
  • the heading Schedule of additional information – question 20 Part A Foreign employment income paid in arrears
  • your name, address and TFN
  • the amount of the payment in arrears for each income year, and write the name of the country to which each amount relates
• attach your schedule of additional information to your tax return
• print X in the Yes box at Taxpayer's declaration in your tax return.

If you complete a schedule of additional information for any other question when completing your tax return, the schedules don't need to be on separate pages. Continue providing details on the same page or additional pages if required, ensuring that you provide the question number and description for each.

If you didn't need to lodge a tax return for the 2 most recent income years that the payment relates to, you'll need to follow the instructions under the heading Lump sum payments in arrears at question 24 Other income 2025.

If all your foreign employment income is exempt, go to Part B. Otherwise, read on.

Step 8

Add up all your gross foreign employment income amounts before any foreign tax is withheld. Don't include any exempt income or foreign employment income on an income statement or PAYG payment summary – foreign employment. Write the total at Worksheet 1 – row a.

Step 9

Add up all the deductible expenses that you incur in earning the foreign employment income from step 8, and write the total at Worksheet 1 – row b.

The types of expenses you may be able to deduct against your foreign employment income are explained at questions D1 to D5 in your tax return. Don't claim these expenses at questions D1 to D5.

Debt deductions, such as interest and borrowing costs, aren't taken away for the purpose of this calculation. If you incur debt deductions in earning your foreign employment income, see question D15 Other deductions not claimable elsewhere in your tax return 2025.

Subtract the amount at row b from the amount at row a. Write the answer at Worksheet 1 – row c.

If row b is greater than row a, the amount at row c will be a loss.

Step 10

Transfer the amount at worksheet 1 – row c to question 20 – label T. If you make a loss, print L in the Loss box at question 20 – label T.

If you don't have any other foreign income, go to Part F. Otherwise read on.

Part B

Do you receive a foreign pension or annuity?

• No – Go to Part C.
• Yes – Read on, and if you need help contact us.

Most foreign pensions and annuities are taxable in Australia, even if tax is withheld from your payment by the country from which the payment came. Examples of foreign pensions and annuities that fall into this category are age and super pensions from Austria, Germany, Italy, the Netherlands and the United Kingdom.

You may claim a foreign income tax offset at this question if:

• the country from which your foreign pension or annuity came withhold tax from your payment
• you aren't entitled to seek a refund of the foreign tax from that country (see Part H)
• the foreign pension or annuity is also taxable in Australia.

A refund may result from the terms of an agreement between Australia and that country to prevent double taxation.

If you receive a foreign pension or annuity from a country with which Australia has a tax treaty, you may be able to make arrangements to not have tax withheld from future payments from that country.

Under our tax treaties foreign tax authorities tell us about foreign source income paid to (and the tax withheld from) Australian resident taxpayers. We use that information to check tax returns. Make sure you show your foreign income fully and correctly in your tax return.

However, if your foreign pension or annuity (including any lump sum payment of your foreign pension or annuity in arrears) isn't taxable in Australia, don't show it anywhere in your tax return. Go to Part C.

If your foreign pension or annuity is taxable, read on.

Step 1

If you're not going to claim a refund of foreign tax paid from the country which pays your foreign pension or annuity, you need to add the amount of foreign tax to the amount of foreign pension or annuity you receive.

Step 2

Sort your foreign pensions and annuities into those with an undeducted purchase price (UPP) and those without a UPP.

Add up all foreign pensions and annuities (including any amounts you calculate at step 1) without a UPP. Write the total amount at Worksheet 1 – row d.

Add up all foreign pensions and annuities (including any amounts you calculate at step 1) with a UPP. Write the total amount at Worksheet 1 – row g.

Step 3

Add up your deductible expenses, excluding your debt deductions.

Debt deductions, such as interest and borrowing costs, aren't taken away for the purpose of this calculation. If you incur debt deductions in earning your foreign pension or annuity, see question D15.

If your foreign pension or annuity has a deductible amount of a UPP, you claim a deduction for this amount at question D11. Don't include the amount in your deductible expenses at this step.

Add up any deductible expenses (excluding any debt deductions) that you incur in gaining your foreign pensions or annuities without a UPP. Write the total at Worksheet 1 – row e.

Add up any deductible expenses (excluding any debt deductions) that you incur in gaining your foreign pensions or annuities with a UPP. Write the total at Worksheet 1 – row h.

Step 4

Subtract the amount at row e from the amount at row d in Worksheet 1 and write the answer at row f. If row e is greater than row d, the amount at row f will be a loss.

Subtract the amount at row h from the amount at row g in Worksheet 1 and write the answer at row j. If row h is greater than row g, the amount at row j will be a loss.

Step 5

Transfer the amount at worksheet 1 – row f to question 20 – label L. If you made a loss, print L in the Loss box at question 20 – label L.

Transfer the amount at worksheet 1 – row j to question 20 – label D. If you made a loss, print L in the Loss box at question 20 – label D. Don't include as a loss any amount by which the UPP exceeds the amount of your foreign pension or annuity (including the amount of foreign tax you add back to your foreign pension or annuity at Part B, Step 1).

If you don't receive any other foreign income, go to Part F. Otherwise, read on.

Part C

Do you receive any foreign rental income?

• No – Go to Part D.
• Yes – Read on.

Step 1

Make sure when calculating your total rental income to add back any foreign tax that is taken out. Write your total rental income at Worksheet 1 – row k.

Step 2

Add up all the deductible expenses that you incur in earning your foreign rental income, excluding any debt deductions. Write this amount at worksheet 1 – row l.

Debt deductions, such as interest and borrowing costs, aren't deductible for the purposes of this calculation unless they relate to income you earn through a permanent establishment in an overseas country. If you incur debt deductions in earning your foreign rental income and the deductions aren't attributable to an overseas permanent establishment, see question D15 Other deductions not claimable elsewhere in your tax return 2025.

Step 3

Subtract the amount at row l from the amount at row k in Worksheet 1 and write the answer at row m. If row l is greater than row k, the amount at row m will be a loss.

Step 4

Transfer the amount at worksheet 1 – row m to question 20 – label R. If you make a loss, print L in the Loss box at question 20 – label R.

If you don't receive any other foreign income, go to Part F. Otherwise, read on.

Part D

Part D is about foreign super lump sums.

Do you either:

• receive a lump sum payment from a foreign super fund
• transfer a lump sum from a foreign super fund to an Australian super fund?

If you answer:

• No – Go to Part E.
• Yes – Read on.

This part doesn't apply to transfers of lump sums from one foreign super fund to another foreign super fund.

A lump sum payment from a foreign super fund may be tax-free if you receive it within 6 months either after you:

• become an Australian resident
• terminate your foreign employment.

To work out whether the lump sum payment you receive is tax-free, see Withdraw a lump sum directly from a foreign super fund.

If your lump sum payment is tax-free, don't show it anywhere in your tax return.

If your lump sum payment isn't tax-free, then you need to show in your tax return the amount of the lump sum that relates to your applicable fund earnings. In general terms, applicable fund earnings are the earnings on your foreign super interest which accrue while you're an Australian resident.

However, you don't need to show your applicable fund earnings in your tax return, if:

• all of your lump sum payment goes into an Australian complying super fund
• after you receive the lump sum payment, you no longer have an interest in the foreign super fund
• you make a choice to include all your applicable fund earnings in the assessable income of your Australian super fund – provide your choice in writing to your super fund.

If you make a choice to have only include part of your applicable fund earnings in the assessable income of your Australian super fund, you need to include the remainder in your tax return.

For more information on the tax treatment of foreign fund transfers, see:

• Transfer from a foreign super fund to an Australian super fund
• Withdraw a lump sum directly from a foreign super fund
• Non-concessional contributions cap.

Determine the amount (if any) of your applicable fund earnings from each fund that you need to include in your assessable income. Add up your applicable fund earnings amounts and write the total at Worksheet 1 – row q.

If you receive other foreign income, go to Part E.

Otherwise, transfer the amount at Worksheet 1 – row q to question 20 – label M. Go to Part F.

Part E

Part E is about other foreign source income.

Do you receive any other foreign source income, including:

• interest, royalties or dividends
• income from carrying on a business wholly or partly overseas
• any other foreign income?

If you answer:

• No – Go to Part F.
• Yes – Read on.

Include at this question:

• dividends you receive from a New Zealand franking company (including non-share dividends)
• supplementary dividends you receive from a New Zealand franking company
• dividend (or non-share dividend) income from a New Zealand franking company that you receive or become entitled to during 2024–25 through a partnership or a trust
• a payment from a foreign source on termination of your foreign employment, which
  • isn't an employment termination payment or a foreign termination payment (both defined in question 4 Employment termination payments 2025
  • isn't showing on an income statement or PAYG payment summary – individual non-business, PAYG payment summary – foreign employment.

Don't include any Australian franking credits from a New Zealand franking company that you receive directly or indirectly through a trust or partnership. Show these amounts at Part G.

If you pay foreign tax on an attribution account payment (usually a dividend distribution) you receive that you pay out of previously attributed income and that payment is non-assessable non-exempt income (tax-free income), you don't include this income anywhere in your tax return.

Step 1

If you had foreign tax (including New Zealand non-resident withholding tax) taken away from this income, add it to the amount you receive.

Add up all the assessable foreign income (including foreign tax on that income) that you haven't already shown in your tax return. Write the total at Worksheet 1 – row r.

Step 2

Add up all the deductible expenses that you incur in earning the foreign income you show at Part E, Step 1, excluding any debt deductions. Write the total at Worksheet 1 – row s.

Debt deductions, such as interest and borrowing costs, aren't deductible for the purposes of this calculation unless they relate to income you earn through a permanent establishment in an overseas country. If you incur debt deductions in earning your foreign income and the deductions aren't attributable to an overseas permanent establishment, see question D15 Other deductions not claimable elsewhere in your tax return 2025.

Step 3

Subtract the amount at row s from the amount at row r in Worksheet 1 and write the answer at row t. If row s is greater than row r, the amount at row t will be a loss.

Step 4

Add up the amounts at row q and row t in Worksheet 1. Write this total at question 20 – label M. If the total is a loss, print L in the Loss box at question 20 – label M.

If any part of the amount at row t relates to a business activity that has made a loss, and the activity isn't also carried on in Australia, complete P3 Number of business activities and P9 Business loss activity details in your Business and professional items schedule 2025.

If you carry on the business activity partly overseas and partly in Australia, contact us for assistance.

Small business income tax offset

If any part of the amount at Worksheet 1 – row t is net income from a small business entity, you may be entitled to the small business income tax offset.

If the amount is from a sole trading activity, see instructions at Part D in question 15 Net income or loss from business. If this applies to you, then you should lodge your tax return using myTax or a registered tax agent.

If the amount is a distribution from a partnership or trust, see instructions at Part E in question 13 Partnerships and trusts.

We use these amounts to work out your entitlement to the small business income tax offset.

Part F

Part F is about working out your assessable foreign source income.

Add up the amounts in Worksheet 1 at rows a, d, g, k, q and r. The total is your assessable foreign source income. Write this total at question 20 – label E.

Make sure the amount you show at label E doesn't include any exempt foreign income or income on a PAYG payment summary – foreign employment or income statement.

If you have Australian franking credits from New Zealand franking companies, go to Part G. If you're entitled to a foreign income tax offset, go to Part H.

Otherwise, go to Part I.

Worksheet 1: Other foreign income

Part	Assessable amount $	Deductible expenses $	Taxable amount $
Part A Employment income not shown on a PAYG 'payment summary – foreign employment' or income statement	a	b	c
Part B Pension or annuity income without a UPP	d	e	f
Part B Pension or annuity income with a UPP	g	h	j
Part C Rental income	k	l	m
Part D Super lump sums	q	n/a	n/a
Part E Other income	r	s	t
Totals	$	$	$

Part G

Part G is about working out your Australian franking credits from a New Zealand franking company.

Step 1

Add up all amounts of Australian franking credits from a New Zealand franking company that you're entitled to, whether:

• directly by way of franked dividends or franked non-share dividends the company pays you
• indirectly through a trust or partnership.

Don't include:

• New Zealand imputation credits
• Australian franking credits you receive from an Australian company (show these amounts at either question 11 Dividends 2025, or question 13 Partnerships and trusts 2025)
• Australian franking credits that you're not entitled to (for example, because the dividend, non-share dividend, or income from the trust or partnership is exempt, or because you fail the holding period rule or trigger the related payments rule).

For more information, see You and your shares 2025.

The amount of Australian franking credits you would otherwise be entitled to is reduced if:

• you receive a dividend (or non-share dividend) from a New Zealand franking company with Australian franking credits attached
• you receive a supplementary dividend from the New Zealand franking company (either directly, or indirectly through a partnership or trust) that is paid in connection with the franked dividend
• you're entitled to a foreign income tax offset because of the inclusion of the franked dividend in your assessable income.

The amount of the reduction is the amount of the supplementary dividend (or your share of the supplementary dividend if you receive it indirectly through a trust or partnership).

Step 2

Write the amount you work out in Part G, Step 1 at question 20 – label F.

Part H

Part H is about working out your foreign income tax offset (FITO).

You need to complete Part H to claim a foreign income tax offset. You may be entitled to the offset if you pay foreign tax on income you include in your assessable income this year or on an attribution account payment you receive (usually a dividend distribution) that is paid out of previously attributed income and that payment is non-assessable non-exempt income. This includes where:

• you acquire employee share scheme interests at a discount in relation to your foreign employment
• you pay tax on the discounts in the foreign country.

When completing the steps you must include the foreign tax paid in relation to the employee share scheme discounts that relate to your foreign employment.

Guide to foreign income tax offset rules 2025 explains which foreign taxes count towards the offset. If you receive a distribution statement from a managed fund that reports a 'Foreign tax offset applicable to discountable capital gains' you'll need to apportion that amount.

You need to read the Guide to foreign income tax offset rules 2025, if either:

• You pay foreign tax on an attribution account payment you receive (usually a dividend distribution) that is paid out of previously attributed income and that payment is non-assessable non-exempt income.
• The amount of foreign tax you pay relates to an amount that differs from the amount you include in your assessable income. For example, where you have both capital losses and foreign capital gains, the net capital gain you include in your assessable income will be less than the foreign capital gain on which you pay foreign tax.

For Australian resident individuals with Joint Petroleum Development Area (JPDA) income, the FITO for an employee is the lesser of:

• Australian tax payable on the net assessable JPDA income (JPDA income less allowable deductions relating to that income).
• Timor-Leste tax paid on JPDA employment income.

The FITO limit doesn't apply to this income.

Step 1

Does the total amount of foreign tax you pay during 2024–25 exceed $1,000?

• No – Write the total amount of foreign tax paid at question 20 – label O. Show cents. This amount can't be greater than $1,000. Go to Part I.
• Yes – Read on.

Step 2

As the total amount of foreign tax you pay during 2024–25 is greater than $1,000, you need to work out the full amount of FITO that you can claim.

To work out the total FITO you can claim, see Guide to foreign income tax offset rules 2025.

Alternatively, you can simply claim a tax offset of $1,000. However, if you claim only $1,000 for 2024–25, you won't be able to claim the rest of your 2024–25 foreign tax in a future income year.

Are you limiting your tax offset claim to $1,000 of the foreign tax you pay?

• Yes – Write $1,000 at question 20 – label O. Go to Part I.
• No – Read on.

Step 3

Did you show exempt foreign employment income at question 20 – label N?

• No – See Guide to foreign income tax offset rules 2025. Work out the total FITO you can claim. Write the amount at question 20 – label O, show cents. Go to Part I.
• Yes – Read on.

You won't be able to work out your FITO. We'll work it out for you.

You will need to provide additional information:

• write on a separate sheet of paper
  • the heading Schedule of additional information - question 20 Exempt foreign employment income – label N
  • your name, address and TFN
  • the amount, and the name of the country to which the amount relates, against each
    • type and amount of foreign income
    • any foreign tax amounts you pay on that foreign income.
• attach your schedule of additional information to your tax return
• print X in the Yes box at Taxpayer's declaration in your tax return.

Part I

At any time during 2024–25, do you own or have an interest in assets outside Australia that have a total value of A$50,000 or more?

• No – Print X in the No box at question 20 – label P.
• Yes – Read on.

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
• deposits
• intangible property such as
  • trademarks
  • copyrights
  • patents
  • debtors
  • 'equitable choses in action'
• any interest
  • whether legal or beneficial
  • whether held directly or indirectly through one or more interposed entities.

If question 19 covers all the assets you hold overseas, your answer to this question is No.

Determine the value of all your overseas assets, whether tangible or intangible, and if you receive any income from those assets during 2024–25. Use the:

• historical cost or market value, whichever is greater
• exchange rate at 30 June 2025 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.

Print X in the Yes box at question 20 – label P if the value of your overseas assets is A$50,000 or more. Otherwise print X in the No box.

Checks before moving to the next question

Check that you:

• write in your supplementary tax return, as applicable, your
  • assessable foreign source income
  • other net foreign employment income
  • net foreign pension or annuity incomes, without and with UPP
  • net foreign rent
  • other net foreign source income
  • Australian franking credits from a New Zealand franking company
  • net foreign employment income shown on PAYG payment summaries – foreign employment and income statements
  • foreign employment income that is exempt from tax
  • foreign income tax offset
  • answer to the question about the value of your overseas assets
• attach to your tax return your Schedule of additional information – question 20, if you need to send us one
• kept your records with your other documents.

Where to go next

• Go to question 21 Rent 2025.
• Return to main menu Individual supplementary tax return instructions 2025.
• Go back to question 19 Foreign entities 2025.