Foreign Income
If you are resident in Australia for tax purposes, then you are taxed on your worldwide income. The ATO is concerned that some Australian residents may not be correctly reporting their foreign income, often because they are unaware that their overseas income needs to be reported here.
Governments are sharing a lot more information now and digital communications makes it much faster and easier to do this. The ATO states that the Common Reporting Standard now allows them to share data with over 65 foreign countries. If you own property, shares or have a bank account overseas, then you need to declare any income on your Australian income tax return.
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