Whether you are an individual earning foreign income or you are engaged in business overseas, you must declare your foreign income in your tax return along with your Australian income sources.
As an Australian business or sole trader, keep in mind that your foreign income is probably taxed in the source country. Declaring its value in Australia will help you avoid potentially having to pay double taxes.
The Australian government has signed treaties with more than forty countries, some of which are Australia’s major trade partners. These tax treaties help to win exemptions and credits for citizens and businesses that could potentially be paying double tax otherwise. Credits can be used against the Australian tax payable so that you can avoid paying double tax.
We will help you with all your enquiries including –
- What should I declare as international income?
- What are the taxation rules for subsidiaries in a foreign country?
- Are capital gains taxable?
- What are exempt foreign business incomes?
For more information on foreign income taxes in Australia, including registering for GST as an exporting enterprise, complex rules relating to foreign currency accounts and more, you should seek advice from a knowledgeable tax advisor such as Femia Accountants.
We can help you with –
- Australian Taxes for Foreigners
- Check on Double Tax Agreements
- Small Business Discount Concessions
- Returns To Be Submitted
- Minimise Your Taxes
- Australian Tax Residency Rules
- What is a Dual Tax Agreement?
- Australia’s Dual Tax Agreements
- Tax on Foreign Income For Australians
- Double Tax Agreements
- Claiming Deductions
- Employment Income
As you can see, there are a lot of things to consider with regards to foreign income tax for an Australian. To ensure that your tax is suitably prepared, contact Femia Accountants today as we are experts in foreign income tax for fellow Australians.