We understand that 2020 has been a difficult year but we're here to try and make it a little easier for you during tax time. You can search other people's posts, read our articles or ask your own question.
10 September 201906:40 PM - edited 10 September 201909:38 PM
My wife and I moved to New Zealand and started working here in March this year. As we intend to stay over 2 years, I have determined that we are now Foreign Residents for tax purposes in Australia.
The tricky part is New Zealand's financial year is April 1 to March 31 each year, overlapping with Australia's. I'm wanting to close out our tax return for 2018/2019 in Australia, but I'm confused as to whether or not I need to put in my New Zealand earned income from after March 31 or whether I would need to show my NZ income for the whole FY? And if so, I assume that I can offset the tax I have paid here to make sure I'm not being double taxed, correct?
Thanks for any advice!
After a bit more research, and a bit of help on Mygov, it turns out that you don't put foreign income down that you have earned when a foreign tax resident.
Still had to report worldwide income for my HELP repayments though... ouch.