My friend, with dual citizenship, owns a property in Greece as a Greek citizen and submits each year a tax return and pays tax. Is my friend also obliged to declare this to the ATO when filing his Australian tax return as an Australian citizen? If yes, can my friend include all expenses related to earning that income in his Australian tax returns. Greece offers a fixed capped rate for all expenses.
Hey @Raj01
Is your friend a tax resident here?
There's no double tax agreement (DTA) between Australia and Greece. This means that your friend would need to include the income from their Greek rental property on their Australian Tax return.
They will need to submit the information at Item 20 Foreign source income, and there is a section at this item, to include any tax paid overseas. They should then work out whether a foreign tax income offset applies to get a credit in their return.
Hey @Raj01
Is your friend a tax resident here?
There's no double tax agreement (DTA) between Australia and Greece. This means that your friend would need to include the income from their Greek rental property on their Australian Tax return.
They will need to submit the information at Item 20 Foreign source income, and there is a section at this item, to include any tax paid overseas. They should then work out whether a foreign tax income offset applies to get a credit in their return.
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