Are you receiving income from overseas? If so, you must ensure that you declare this foreign income in your annual tax returns. If you do not, the Taxation Administration Act 1953 (Cth) (TAA) allows the Australian Taxation Office (ATO) to impose interest and penalties with respect to the undeclared foreign income. What is foreign income? Foreign income includes foreign pensions, annuities, employment income, investment income, business income and capital gains…
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