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Paying Tax on money transfered from the UK

Paying Tax on money transfered from the UK

Old Jan 15th 2013, 7:20 am
  #16  
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Default Re: Paying Tax on money transfered from the UK

Some info from the ATO site on foreign income and tax treatment.

http://www.ato.gov.au/corporate/cont...t/00313612.htm

It states 'If you have assessable income from overseas, you must declare it in your Australian income tax return. If you have paid foreign tax in another country, you may be entitled to an Australian foreign income tax offset, which provides relief from double taxation.'

If you're a permanent resident your foreign interest should have been declared at Question 20 on your tax return:

http://www.ato.gov.au/individuals/co...t/00313892.htm

Last edited by NickyC; Jan 15th 2013 at 7:24 am.
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Old Jan 15th 2013, 10:02 pm
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Default Re: Paying Tax on money transfered from the UK

Originally Posted by NickyC View Post
Some info from the ATO site on foreign income and tax treatment.

http://www.ato.gov.au/corporate/cont...t/00313612.htm

It states 'If you have assessable income from overseas, you must declare it in your Australian income tax return. If you have paid foreign tax in another country, you may be entitled to an Australian foreign income tax offset, which provides relief from double taxation.'

If you're a permanent resident your foreign interest should have been declared at Question 20 on your tax return:

http://www.ato.gov.au/individuals/co...t/00313892.htm
Thank you for the reply and link, lots of reading to do !
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Old Jan 16th 2013, 12:16 pm
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Default Re: Paying Tax on money transfered from the UK

Originally Posted by sarahhartopp View Post
OK cool thanks for that, can i ask how you know that, is it from when you did your tax return or off a website, on some sites it can be quite confusing with the jargon they use.
I did a H&R tax course a few years ago and it was covered in that. It was a few years ago and things might have changed so worth checking with someone with up to date info
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