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Foreign income: interest loss

Newbie

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Hi, I purchased US stocks six months ago. I have not sold any of them, even as some have made a small profit and some have made massive losses. I have earned a small dividend for each of them. Are any of these components tax assessable?
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Former Community Support

Replies 0

Hi @Anonymous1235 ,

If you are an Australian resident for tax purposes, then you need to include income from overseas, like interest from overseas company shares, as per Item 20 "Foreign source income.." . As quoted under the section from this linked webpage -

"If you received income from overseas, you must show your assessable foreign income here, even if tax was taken out of the income in the foreign country." (italics added)

 

In terms if the stocks/shares have made gains or losses, this will be calculated only when you sell or dispose of these investments, then you will have a CGT (capital gains tax) event (as per Capital gains 2020).

1 REPLY 1

Most helpful response

Former Community Support

Replies 0

Hi @Anonymous1235 ,

If you are an Australian resident for tax purposes, then you need to include income from overseas, like interest from overseas company shares, as per Item 20 "Foreign source income.." . As quoted under the section from this linked webpage -

"If you received income from overseas, you must show your assessable foreign income here, even if tax was taken out of the income in the foreign country." (italics added)

 

In terms if the stocks/shares have made gains or losses, this will be calculated only when you sell or dispose of these investments, then you will have a CGT (capital gains tax) event (as per Capital gains 2020).