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Edited version of private advice
Authorisation Number: 1051904025355
Date of advice: 30 September 2021
Ruling
Subject: Foreign income
Question
As a temporary resident of Australia are you assessed on foreign sourced income from shares in Australia?
Answer
No.
Section 768-910 of the Income Tax Assessment Act 1997 (ITAA 1997) provides that ordinary income derived from a foreign source (excluding employment related income and capital gains on shares and rights acquired under employee share schemes) and is exempt from income tax in Australia when derived by a temporary resident in Australia.
Based on the information provided to the commissioner as a temporary visa holder and a temporary resident of Australia your foreign sourced income is not assessable in Australia, this includes shares traded through a foreign based platform.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You and your spouse are temporary residents of Australia.
You and your spouse hold a temporary visa.
You earn foreign income.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 768-910