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Re: Overseas income

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I moved from Singapore to Australia on July 2018 with a permanent Visa. My performance bounce for the 2017-2018  financial year for the job I had in Singapore was paid to my Singapore bank account two weeks after I moved to Australia, end of July 2018. I have already paid tax in Singapore for that. My question is "Do I need to pay tax for that here in Australia" as well?  Thank you. 

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Devotee

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If you are considered to be an Australian Resident for Tax purposes then you need to report all of your worldwide income.

 

Any tax that you have paid overseas, should hopefully be used as a foreign income tax offset and you will pay the difference.

 

https://www.ato.gov.au/Forms/Guide-to-foreign-income-tax-offset-rules-2019/

 

1 REPLY 1
Highlighted

Best answer

Devotee

Replies 0

If you are considered to be an Australian Resident for Tax purposes then you need to report all of your worldwide income.

 

Any tax that you have paid overseas, should hopefully be used as a foreign income tax offset and you will pay the difference.

 

https://www.ato.gov.au/Forms/Guide-to-foreign-income-tax-offset-rules-2019/

 

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