Announcements
Read our answers to common questions about JobKeeper, Early release of super and Cash flow boost.

ATO Community

Foreign Income Exemption

Highlighted

Newbie

Views 294

Replies 1

I am an Australian resident for tax purposes but I am here on a 482 temporary work visa (moved here from the US in the first part of 2019). From my reading of the ATO's website I know that I will not be taxed on foreign income earned prior to moving here and becoming an Australian resident for tax purposes. My two questions are:
1) Do I need to declare anything in the foreign income section on the tax return from before I moved here (even though it won't be taxed), or do I leave that blank if I have no foreign income from employment after moving here?
2) Do I need to declare interest income earned on foreign savings accounts or dividends earned on foreign stock while I was living in AU? I believe the answer is no, but I am having trouble finding the specifics online

Thanks!
1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @SFAussie2019

 

Welcome to our Community!

 

It all depends on your residency status as different rules are used to work this out compared to the Department of Home Affairs. 

 

If you're a resident of Australia you need to report any income you earn from Australian and foreign sources in your tax return. If you weren't considered an Australian resident for tax purposes (you're a foreign resident) you only need to report income you've earned from Australian sources and not any foreign income. 

 

Hope this helps, JodieH. 

 

 

 

 

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @SFAussie2019

 

Welcome to our Community!

 

It all depends on your residency status as different rules are used to work this out compared to the Department of Home Affairs. 

 

If you're a resident of Australia you need to report any income you earn from Australian and foreign sources in your tax return. If you weren't considered an Australian resident for tax purposes (you're a foreign resident) you only need to report income you've earned from Australian sources and not any foreign income. 

 

Hope this helps, JodieH.