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CyberXipey(Newbie)Newbie
10 July 2024

Hello,


I am a UK citizen who has come to Australia on a working holiday visa (subclass 417). I have applied for a partner visa with my partner here in Australia, and will move to a bridging visa soon.


As I understand, I should be a tax resident of Australia for this financial year (23-24) as I moved in with my partner at the beginning of it, with the intention of settling down here, and I spent most of the year in Australia.


I work casually here in Australia. Let's say I made $35000 this financial year.


I also work remotely for a company in Hong Kong, and will have to pay tax on my income in Hong Kong. Let's say I made $30000 from this in this financial year, and have to pay $3000 in tax there.


I understand I have to include my foreign sourced income in my Australian tax return.


How will it be taxed? Is the tax that I've already paid in Hong Kong factored in?


Thanks

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989 views
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Most helpful reply

BrookeATO(Community Support)Community Support
11 July 2024

Hi @CyberXipey


It depends on your tax residency. Have a read of our article on working out your tax residency for more info.


If you're a foreign or temporary resident and earning income from another country, you don't need to declare your income here. You can find out more on Foreign or Temporary resident income on our website.


If you're an Australian resident for tax purposes, yes, you'll have to declare any money you earn from another country. But, if you've already paid tax in that country, you may be able to claim the foreign income tax offset. Check out more info on Australian resident and foreign income on our website.

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Most helpful reply

BrookeATO(Community Support)Community Support
11 July 2024

Hi @CyberXipey


It depends on your tax residency. Have a read of our article on working out your tax residency for more info.


If you're a foreign or temporary resident and earning income from another country, you don't need to declare your income here. You can find out more on Foreign or Temporary resident income on our website.


If you're an Australian resident for tax purposes, yes, you'll have to declare any money you earn from another country. But, if you've already paid tax in that country, you may be able to claim the foreign income tax offset. Check out more info on Australian resident and foreign income on our website.

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How will my foreign sourced income as a working holiday maker be calculated? | ATO Community