ATO watching for foreign owned income
Thursday 10 October 2019
The ATO has reminded Australians who receive any foreign income from investments, family members or working overseas to make sure they have reported it this tax time.
New international data-sharing agreements allow the ATO to track money across borders and identify people who aren’t meeting their obligations.
Under the new Common Reporting Standard (CRS), the ATO has shared data on financial account information with over 65 tax jurisdictions across the globe.
This includes information on account holders, balances, interest and dividend payments, proceeds from the sale of assets, and other income.
Tip: If you’re an Australian resident for tax purposes, you are taxed on your worldwide income, so you must declare all of your foreign income no matter how small the amount.Back