I am an Australian tax payer work from Australia. I provide project supervision expertise to a company in Singapore who pay directly to my Australian bank account. I am a sole trader with an ABN. Does this have any impact on my income declaration and tax return?
Hi @Trowell1212,
If you're an Australian resident and you earn income from an overseas source, you'll need to report your foreign and worldwide income on your tax return. As a sole trader this is just included on your individual tax return. We have some information on our website about Australians doing business overseas that you can explain how this works.
Hi @Trowell1212,
If you're an Australian resident and you earn income from an overseas source, you'll need to report your foreign and worldwide income on your tax return. As a sole trader this is just included on your individual tax return. We have some information on our website about Australians doing business overseas that you can explain how this works.
Thanks so much.
So, as I understand you, I will simply declare the income derived from this country (Singapore) and be taxed here in Australia at the normal rate?
Hi @Trowell1212,
You're spot on!
When you lodge your tax return, we'll calculate the amount of tax you need to pay at your normal tax rate.
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