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Hi @Cslade305 ,
If the money sent from your US investments is a result of selling or disposing of some investments, then you will need to pay Capital gains tax (CGT) See quote from this linked webpage -
"If you’re an Australian resident, CGT applies to your assets anywhere in the world.".
However, if this is not the case, then you only need to declare income relating to this when it generates CGT or there is some interest resulting from investments of this money. You may want to consider getting independant taxation advice eg tax agent/accountant to assist you with this or any other complex issues. Also bear in mind, a foreign tax credit may apply on your overseas income on your Aust tax return, if you have paid tax already on your US income in your US tax return (as per Item 20 Foreign service income.. ).
You may want to consider Rental expenses you can claim.
Hi @Cslade305 ,
If the money sent from your US investments is a result of selling or disposing of some investments, then you will need to pay Capital gains tax (CGT) See quote from this linked webpage -
"If you’re an Australian resident, CGT applies to your assets anywhere in the world.".
However, if this is not the case, then you only need to declare income relating to this when it generates CGT or there is some interest resulting from investments of this money. You may want to consider getting independant taxation advice eg tax agent/accountant to assist you with this or any other complex issues. Also bear in mind, a foreign tax credit may apply on your overseas income on your Aust tax return, if you have paid tax already on your US income in your US tax return (as per Item 20 Foreign service income.. ).
You may want to consider Rental expenses you can claim.
Hi @Cslade305
You should convert your foreign income to Australian dollars at the exchange rate prevailing on the day that the income is received. An average rate can be used in certain circumstances.
Additional links to those we have already provided:
Have a look at Guide to foreign income tax offset income rules 2020; When a foreign income tax offset applies; Foreign income of Australian residents working overseas; Calculating and claiming your foreign income tax offset
Appendix A shows a list of countries and other jurisdictions that have a tax treaty with Australia; the United States of America is one of those countries. Tax treaties foster co-operation and prevent double taxation.
I hope this helps
Tracey
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