Foreign Income, Expense in Australian Tax ?

[PropertInvestor]

How do we manage USA property income/expense in Australian tax. My understanding is

- I don't include any USA property income/expense in my OZ tax return this year, then

- I lodge my USA tax return in Jan 2012, then

- Next year when in July 2012 when I lodge my OZ tax return - I include USA tax return, income, expense which I lodged in Jan 2012 as an offset in my OZ tax in July 2012

 

[Aaron_C]

You better get professional advice for that from someone who specialises in that.

 

[Terryw]

I dont know the answer, but would suspect that expenses are claimed in the tax year in which they occur.

 

[RumpledElf]

I just plunk it in my tax return under foreign income and I have no idea what the ATO does with it.

I do know that the bank we just got a loan through *did* look at that section of my last three tax returns, so its nice having it on record.

I get a reasonable amount of foreign income each year, from various countries, mostly the US (although some comes in as AUD straight to my bank account), I have absolutely no idea how you'd go about lodging a tax return in all those countries, so I don't.

 

[damacc]

In the Supplementary Tax Return Section 20 is Foreign Source Income which includes overseas rent. It mentions about being an Australian resident or Foreign resident so you will need to look at that. Whether you need to lodge a US tax return I don't know.