If you receive foreign income it is very important that you declare it. The ATO have announced that the gloves are off when it comes to the underreporting of foreign income. How you are taxed and what you are taxed hinges on your residency status for tax purposes. This can be different to your general [...]
All Australian residents for tax purposes must declare all income they earn on their Australian Income Tax Return, whether the income is earned in Australia or overseas. Under the Common Reporting Standard for the automatic exchange of financial account information, banks and other financial institutions will collect and report to the ATO financial account information on [...]
