Target foreign income is:
- any income earned, derived or received from sources outside Australia
- a periodical payment by way of gifts or allowances from a source outside Australia
- a periodical benefit by way of gifts or allowances from a source outside Australia
provided that the amount has neither been included in your taxable income, nor received in the form of a fringe benefit.
Types of target foreign income you need to show at this item include:
- regular receipts of money and gifts from relatives living overseas which are exempt from Australian tax
- income from foreign business interests and investments, which are exempt from Australian tax, including income received by migrants with business interests in their country of origin
- foreign source income received while you were a temporary resident that is exempt from Australian tax
- the amount of exempt foreign employment income you have shown at N item 20.
If you are not sure whether any foreign income you have received is target foreign income, phone 13 28 61.
Did you receive any target foreign income?
No |
Write 0 at V item IT4, then go to question IT5 Net financial investment loss 2020, or return to main menu Individual tax return instructions 2020. |
Yes |
Read on. |
Answering this question
You will need details of any target foreign income that you received in 2019–20 including the details of any exempt foreign employment income you included at N item 20.
Completing your tax return
Show all foreign income in Australian dollars using the market exchange rate for 1 July 2019. For more information, see Foreign exchange rates. For information on how to convert your foreign income, phone 13 28 61.
Step 1
Add up all the target foreign income you earned, derived or received during 2019–20, including the amount you have shown at N item 20.
Step 2
Write the result at V item IT4.
Where to go next
- Go to question IT5 Net financial investment loss 2020.
- Return to main menu Individual tax return instructions 2020.
- Go back to question IT3 Tax-free government pensions or benefits 2020.