Foreign investments
Australian residents for tax purposes are taxed on their worldwide income, so if you made a capital gain on an overseas asset, have interests in foreign companies or foreign trusts, or have a foreign life insurance policy, you need to tell us about your income from these investments on your tax return.
If you received income from overseas, you must show your assessable foreign income here, even if tax was taken out in the country from which the income came.
Foreign income that is exempt from Australian tax may still be taken into account to work out the amount of tax you have to pay on your other income.
You must show the following amounts at this item:
- 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.
Temporary resident
If you were a temporary resident, the only foreign income you will need to show at this item is income that you earned from foreign employment while a temporary resident.
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