Did you know that as an Australian tax resident you are required to report your ‘world wide income’ on your Australian tax return? If you have already paid tax on this income you will generally be allowed a credit to avoid double taxation, but it is important to ensure it is included as it can affect entitlement such as Centrelink or the tax you pay on other income you earn.
Bentleys Sunshine Coast specialises in managing foreign tax matters, particularly the issues that arise for individuals who are dual residents, or have income and investments overseas. With globalisation, this is certainly more common than it once was and for that reason is a target area for the ATO, who are getting especially smart in identifying foreign income or investments of Australian residents.
If you have questions on foreign income or investments, or are thinking of investing overseas, contact our office to discuss your situation with one of our foreign tax experts.