Overseas Investments

Are you?
– A taxpayer intending to invest overseas?

At a glance:
– Australian resident taxpayers must consider the tax implications before investing overseas.

You should:
– Be aware of your tax obligations on overseas investments.
– Contact us if you require any clarification or advice.

Australian resident taxpayers are taxed on worldwide income, including income derived from offshore bank accounts, interests in foreign entities, rental income and sale of overseas properties.

Taxpayers are entitled to claim rental deductions for eligible expenses incurred in deriving the rental income from overseas properties like they would if the property was located in Australia.

Any capital gain made on the sale of foreign property must be disclosed in the taxpayer’s Australian income tax return.

Taxpayers will receive a foreign income tax offset for any taxes that they have paid on the income derived from overseas investments.

Records must be kept to ensure all overseas income and expenses can be substantiated.

To find out more information, click here.

Remember:
– Australian resident taxpayers must disclose all overseas income in their income tax return.