ATO’s visibility of foreign income improving

Richard Wilkins looks at why the ATO is becoming increasingly confident of detecting foreign income and the benefits of a voluntary disclosure.

As its ability to identify income from overseas increases, the Australian Taxation Office (ATO) is advising taxpayers of their obligation to disclose foreign income.In a recent media release Assistant Commissioner Karen Foat stated: “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 may be. This may include income from offshore investments, employment, pensions, business and ...

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Authors: Richard Wilkins

Published Date: 20 August 2019