20 Foreign source income and foreign assets or property 2023

Things you need to know

If you are an Australian resident, show your assessable foreign income at this question.

If you were a temporary resident, you only show some foreign income at this question.

You need to complete this question to claim a foreign income tax offset (formerly known as foreign tax credits) for foreign tax you have paid. See Part H.

You may also need to consider if hybrid mismatch rules apply.

Did you:

• receive income from foreign employment
• receive a foreign pension or annuity
• receive a lump sum payment from a foreign superannuation fund
• transfer money from a foreign superannuation fund to an Australian superannuation fund
• receive any other foreign source income including interest, dividends, royalties, rent, business income or a share of income from a partnership or trust
• at any time during 2022–23, own or have an interest in assets located outside Australia that had a total value of A$50,000 or more?

You can 'receive income' even if it is held overseas for you.

No	Go to question 21 Rent 2023, or return to main menu Individual tax return instructions 2023.
Yes	Read on.

Business and professional items schedule

If you need to complete Part E, Step 4 and any part of the amount relates to a business activity that has made a loss, and the activity was not also carried on in Australia, you will need to complete a Business and professional items schedule 2023.

You should lodge your supplementary tax return using myTax or a registered tax agent. If you are unable to use myTax or a registered tax agent, contact us and we will mail you a paper tax and supplementary return and a Business and professional items schedule 2023.

Do not include at this question

Do not show at this question:

• a capital gain or capital loss from a foreign source; question 18 Capital gains 2023 deals with these amounts (the amount of any foreign income tax offset you calculate under Part H may include amounts of foreign tax paid in respect of a capital gain from a foreign source)
• a lump sum payment of your foreign pension that relates to an earlier year; see Lump sum payments in arrears at question 24 Other income 2023 (if your arrears amount is exempt from tax see Part B)
• payments you received on termination of your employment in a foreign country that are dealt with by question 4 Employment termination payments 2023
• employee share scheme interests that you received at a discount and that relate to your foreign employment; question 12 Employee share schemes 2023 deals with these amounts. The amount of any foreign income tax offset you calculate under Part H may include amounts of foreign tax paid in respect of employee share scheme discounts.

All foreign income, deductions and foreign tax paid must be converted to Australian dollars before you complete this question. You can use the Foreign income conversion calculator.

Australian resident

If you received income from overseas, you must show your assessable foreign income at this question, even if tax was taken out of the income in the foreign country.

Foreign income that is exempt from Australian tax may still be taken into account to work out the amount of tax you have to pay on your other income.

If you received a lump sum payment from a foreign superannuation fund, contact us. Some of these payments are taxable and some are exempt from Australian tax.

You must show the following amounts at this question:

• an assessable dividend (or non-share dividend) from a New Zealand franking company and any attached Australian franking credits
• a supplementary dividend from a New Zealand franking company
• an assessable distribution from a trust or partnership (or share of a partnership loss) that includes Australian franking credits attached to a dividend (or non-share dividend) from a New Zealand franking company.

A dividend from a New Zealand franking company may also carry New Zealand imputation credits. An Australian resident cannot claim any New Zealand imputation credits on an Australian tax return.

For more information, see Part E and Part G.

Temporary resident

If you were a temporary resident, the only foreign income you will need to show at this question is income that you earned from foreign employment while a temporary resident. Read Part A to determine how much of this foreign employment income you should report.

See, Tax-free income for temporary residents in Amounts that you do not pay tax on 2023 for the definition of a temporary resident and details of the exemption.

Hybrid mismatch rules

If you incurred expenses which are deductible to you in deriving assessable foreign source income, you may need to consider whether the hybrid mismatch rules apply to you. To work out whether an otherwise deductible expense amount is not allowable as a deduction, see hybrid mismatch rules.

What you need to answer this question

You will need:

• Foreign tax assessments, PAYG payment summary – foreign employment or income statements
• Distribution advices from companies, partnerships and trusts
• Details of any expenses you incurred in earning your foreign income
• You and your shares 2023
• Guide to foreign income tax offset rules 2023
• TD 2012/8 Income tax: what types of temporary absences from foreign service form part of a continuous period of foreign service under section 23AG of the Income Tax Assessment Act 1936?

Completing your supplementary tax return

To complete this question, answer the following parts and steps.

PAYG payment summary – foreign employment or income statement

If you have foreign employment income shown on a PAYG payment summary – foreign employment or income statement, read on. Otherwise, go to Part A.

Make sure you have included in your tax return the income shown on your PAYG payment summary – foreign employment or income statement. These amounts should be included at questions 1, 3 in your tax return or question 24 in your supplementary tax return.

If you are an Australian Government agency employee (and not a member of a disciplined force), you now pay tax on income earned from delivering Australian official development assistance (ODA). Members of a disciplined force delivering ODA are still eligible for exemption.

Step 1

Add all the 'Gross payments' and 'lump sum A and lump sum E amounts' from:

• each PAYG payment summary – foreign employment
• each income statement.

Step 2

Add all the deductible expenses you incurred in earning your foreign employment income from step 1. You would have included these deductible expenses at questions D1 to D5 in your tax return.

Step 3

Take the total deductible expenses from step 2 away from the total gross payments from step 1 and write the answer at question 20 – label U. If the answer is negative, print L in the Loss box at the right of question 20 – label U.

If you received no other foreign income, go to Part H. Otherwise, read on.

Part A

Did you receive income from foreign employment that was not shown on a PAYG payment summary – foreign employment or income statement?

No	Go to Part B.
Yes	Read on.

Foreign employment income is income you earned working overseas as an employee, such as salary, wages, commissions, bonuses or allowances.

Do not include foreign employment income shown on a:

• PAYG payment summary – foreign employment
• income statement.

Step 1

Find out whether any of your foreign employment income is exempt from Australian tax because of:

• a privileges and immunities agreement or a law covering persons connected with international organisations
• specific exemptions for the pay and allowances of members of the Australian Defence Force, related to qualifying service in a declared operational area.

Your employer should be able to tell you whether either of these applies.

If all your foreign employment income is exempt for either of these reasons, do not include this income anywhere on your tax return. Go to Part B. Otherwise, go to step 2.

Step 2

Your foreign employment income that is not exempt under step 1 might still be exempt from tax. Work through the rest of the steps to find out whether it is exempt from tax. Even if it is exempt, we still take it into account to work out the tax on your other assessable income.

Income from self-employment and contracts is generally not exempt from tax. Include it in other foreign source income at Part E.

Step 3

Did you have foreign service income that was directly attributable:

• to your employer, which was not an Australian Government agency, delivering Australian official development assistance
• to the activities of your employer, financed from
  • a public fund declared by the Minister to be a developing country relief fund
  • a public fund established and maintained to provide monetary relief to people in a developed foreign country impacted by a disaster (a public disaster relief fund)
   
• to the activities of your employer, which was a prescribed charitable or religious institution exempt from Australian income tax because
  • your employer was located outside Australia, or
  • your employer was pursuing objectives outside Australia, or
   
• to your deployment outside Australia as a member of a disciplined force of an Australian Government authority?

For further information, see Tax exempt income from foreign employment.

No	Go to Part A, Step 5.
Yes	Read on.

Step 4

Did you pay, or are you liable to pay, foreign income tax on your foreign employment income?

Yes	Go to Part A, Step 7.
No	See non-exemption conditions to determine whether you are entitled to an exemption from Australian tax on your foreign service income. If you are entitled to an exemption based on these conditions, go to Part A, Step 7. If you are not entitled to an exemption, go to Part A, Step 5.

Step 5

Were you engaged in foreign service in connection with an Austrade approved project?

No	Go to Part A, Step 8.
Yes	Go to Part A, Step 6.

Step 6

Did either of the following apply to you:

• you paid, or are liable to pay, foreign income tax on your foreign employment income, or
• a tax treaty with Australia (or a law giving effect to a tax treaty) is not the only reason why you did not have to pay tax in the country where you earned the income?

No	Go to Part A, Step 8.
Yes	Go to Part A, Step 7.

Step 7

Work out the period that you were continuously engaged in service in the foreign country.

If you were absent from the foreign country at any time during this period, see Tax exempt income from foreign employment to find out whether we consider you to have been continuously engaged in service in the foreign country. If you were working on a project approved by Austrade, see Working on an approved overseas project.

If your period of continuous service in a foreign country was 90 days or less, your foreign employment income is not exempt from tax. If it was 91 days or more, your foreign employment income will generally be exempt from tax. If you are not sure, contact us.

If your foreign employment income is not exempt from tax, go to Part A, Step 8. Otherwise, read on.

If any of your foreign employment income is exempt from tax, write the total that is exempt from tax less any expenses that are not capital in nature that you incurred in earning that exempt income at question 20 – label N. If the amount was a loss, write 0 (zero). You can't claim a foreign income tax offset on this income.

Foreign employment income paid in arrears

If your foreign employment income that is exempt from tax includes an amount paid in arrears and you are liable for the Medicare levy surcharge (see question M2) you need to provide the following additional information. On a separate sheet of paper:

• write Schedule of additional information on top of the page
• write your name, address and tax file number
• write question 20 Part A – Foreign employment income paid in arrears
• list the amount of the payment in arrears for each income year involved, printing the name of the country to which each amount relates
• attach your schedule to page 3 of your tax return
• print X in the Yes box at Taxpayer's declaration question 2 on page 10 of your tax return.

If you are required to complete a schedule of information in respect of any other question when completing your tax return, the schedules do not need to be listed on separate pages. Continue providing details on the same page or additional pages if required, ensuring that the item number and description is provided for each.

If you did not need to lodge a tax return for the 2 most recent years that the payment related to, you will need to follow the instructions in the last paragraph under the heading Lump sum payments in arrears at question 24 Other income 2023.

If all your foreign employment income is exempt, go to Part B. Otherwise, read on.

Step 8

Add up all your gross foreign employment income amounts before any foreign tax was taken out. (Do not include any exempt income or foreign employment income shown on a PAYG payment summary – foreign employment or income statement). Write the total at row a in worksheet 1.

Step 9

Add up all the deductible expenses that you incurred in earning the foreign employment income from step 8, and write the total at row b in worksheet 1.

The types of expenses you may be able to deduct against your foreign employment income are explained at questions D1 to D5 in your tax return. Do not claim these expenses at questions D1 to D5.

Debt deductions, such as interest and borrowing costs, are not taken away for the purpose of this calculation. If you incurred debt deductions in earning your foreign employment income, see question D15 Other deductions – not claimable at questions D1 to D14 or elsewhere on your tax return 2023.

Take the amount at row b away from the amount at row a. Write the answer at row c in worksheet 1.

If row b is greater than row a, the amount at row c will be a loss.

Step 10

Transfer the amount at row c in worksheet 1 to question 20 – label T. If you made a loss, print L in the Loss box at question 20 – label T.

If you received no other foreign income, go to Part F. Otherwise read on.

Part B

Did you receive a foreign pension or annuity?

No	Go to Part C.
Yes	Read on, and if you need help contact us.

Most foreign pensions and annuities are taxable in Australia, even if tax was withheld from your payment by the country from which the payment came. Examples of foreign pensions and annuities that fall into this category are age and superannuation pensions paid from Austria, Germany, Italy, the Netherlands and the United Kingdom.

You may claim a foreign income tax offset at this question if:

• the country from which your foreign pension or annuity came withheld tax from your payment
• you were not entitled to seek a refund of the foreign tax from that country (see Part H), and
• the foreign pension or annuity is also taxable in Australia.

A refund may result from the terms of an agreement between Australia and that country to prevent double taxation.

If your foreign pension or annuity is paid from a country with which Australia has a tax treaty, you may be able to make arrangements to not have tax withheld from future payments from that country.

Under our tax treaties foreign tax authorities tell us about foreign source income paid to (and the tax withheld from) Australian resident taxpayers. We use that information to check tax returns. Make sure you show your foreign income fully and correctly on your tax return.

However, if your foreign pension or annuity (including any lump sum payment of your foreign pension or annuity in arrears) is not taxable in Australia, do not show it anywhere on your tax return. Go to Part C.

If your foreign pension or annuity is taxable, read on.

Step 1

If you are not going to claim a refund of foreign tax paid from the country which paid your foreign pension or annuity, you need to add the amount of foreign tax to the amount of foreign pension or annuity you received.

Step 2

Sort your foreign pensions and annuities into those with an undeducted purchase price (UPP) and those without a UPP.

Add up all foreign pensions and annuities (including any amounts you calculated at step 1) without a UPP. Write the total amount at row d in worksheet 1.

Add up all foreign pensions and annuities (including any amounts you calculated at step 1) with a UPP. Write the total amount at row g in worksheet 1.

Step 3

Add up your deductible expenses, excluding your debt deductions.

Debt deductions, such as interest and borrowing costs, are not taken away for the purpose of this calculation. If you incurred debt deductions in earning your foreign pension or annuity, see question D15.

If your foreign pension or annuity has a deductible amount of a UPP, you claim a deduction for this amount at question D11. Do not include the amount in your deductible expenses at this step.

Add up any deductible expenses (excluding any debt deductions) that you incurred in gaining your foreign pensions or annuities without a UPP. Write the total at row e in worksheet 1.

Add up any deductible expenses (excluding any debt deductions) that you incurred in gaining your foreign pensions or annuities with a UPP. Write the total at row h in worksheet 1.

Step 4

Take the amount at row e away from the amount at row d in worksheet 1 and write the answer at row f. If row e is greater than row d, the amount at row f will be a loss.

Take the amount at row h away from the amount at row g in worksheet 1 and write the answer at row j. If row h is greater than row g, the amount at row j will be a loss.

Step 5

Transfer the amount at row f in worksheet 1 to question 20 – label L. If you made a loss, print L in the Loss box at the right of question 20 – label L.

Transfer the amount at row j in worksheet 1 to question 20 – label D. If you made a loss, print L in the Loss box at the right of question 20 – label D. Do not include as a loss any amount by which the UPP exceeds the amount of your foreign pension or annuity (including the amount of foreign tax you added back to your foreign pension or annuity at Part B, Step 1).

If you received no other foreign income, go to Part F. Otherwise, read on.

Part C

Did you receive any foreign rental income?

No	Go to Part D.
Yes	Read on.

Step 1

Make sure when calculating your total rental income to add back any foreign tax that was taken out. Write your total rental income at row k in worksheet 1.

Step 2

Add up all the deductible expenses that you incurred in earning your foreign rental income, excluding any debt deductions. Write this amount at row l in worksheet 1.

Debt deductions, such as interest and borrowing costs, are not deductible for the purposes of this calculation unless they are related to income earned through a permanent establishment in an overseas country. If you incurred debt deductions in earning your foreign rental income and the deductions are not attributable to an overseas permanent establishment, see question D15 Other deductions – not claimable at questions D1 to D14 or elsewhere on your 2023.

Step 3

Take the amount at row l away from the amount at row k in worksheet 1 and write the answer at row m. If row l is greater than row k, the amount at row m will be a loss.

Step 4

Transfer the amount at row m in worksheet 1 to question 20 – label R. If you made a loss, print L in the Loss box at the right of question 20 – label R.

If you received no other foreign income, go to Part F. Otherwise, read on.

Part D

Part D is about Foreign superannuation lump sums.

Did you either:

• receive a lump sum payment from a foreign superannuation fund
• transfer a lump sum from a foreign superannuation fund to an Australian superannuation fund?

No	Go to Part E.
Yes	Read on.

This part does not apply to transfers of lump sums from one foreign superannuation fund to another foreign superannuation fund.

A lump sum payment from a foreign superannuation fund may be tax-free if you receive it within 6 months:

• after you become an Australian resident, or
• after you terminate your foreign employment.

To determine whether the lump sum payment you received is tax-free, see Lump sums from a foreign super fund.

If your lump sum payment is tax-free, do not show it anywhere on your tax return.

If your lump sum payment is not tax-free, then you need to show on your tax return the amount of the lump sum that relates to your applicable fund earnings. In general terms, applicable fund earnings are the earnings on your foreign super interest which have accrued while you were an Australian resident.

However, you do not need to show your applicable fund earnings on your tax return if:

• all of your lump sum is paid into an Australian complying superannuation fund
• after the lump sum is paid, you no longer have an interest in the foreign superannuation fund, and
• you make a choice to have all of your applicable fund earnings included in the assessable income of your Australian superannuation fund. Your choice must be in writing and provided to your superannuation fund.

If you make a choice to have only part of your applicable fund earnings included in the assessable income of your Australian superannuation fund, you need to include the remainder on your tax return.

For more information on the tax treatment of foreign fund transfers, see:

• Tax on transfers from foreign super funds
• Lump sums from a foreign super fund
• Super contributions – too much can mean extra tax.

For more information, contact us.

Determine the amount (if any) of your applicable fund earnings from each fund that you need to include in your assessable income. Add up your applicable fund earnings amounts and write the total at row q in worksheet 1.

If you received other foreign income, go to Part E.

Otherwise, transfer the amount at row q in worksheet 1 to question 20 – label M. Go to Part F.

Part E

Part E is about Other foreign source income.

Did you receive any other foreign source income, including:

• interest, royalties or dividends
• income from carrying on a business wholly or partly overseas
• any other foreign income?

Include at this question:

• dividends you received from a New Zealand franking company (including non-share dividends)
• supplementary dividends you received from a New Zealand franking company
• dividend (or non-share dividend) income from a New Zealand franking company that you received or became entitled to during 2022–23 through a partnership or a trust
• a payment from a foreign source on termination of your foreign employment, which
  • is not an employment termination payment or a foreign termination payment (both defined in question 4 Employment termination payments 2023, and
  • is not shown on a PAYG payment summary – individual non-business, PAYG payment summary – foreign employment or income statement.
   

Do not include any Australian franking credits from a New Zealand franking company that you received directly or indirectly through a trust or partnership. Show these amounts at Part G.

If you have paid foreign tax on an attribution account payment (usually a dividend distribution) you received that was paid out of previously attributed income and that payment is non-assessable non-exempt income (tax-free income), you do not include this income anywhere on your tax return.

No	Go to Part F.
Yes	Read on.

Step 1

If you had foreign tax (including New Zealand non-resident withholding tax) taken away from this income, add it to the amount you received.

Add up all of the assessable foreign income (including foreign tax on that income) that you have not already shown on your tax return. Write the total at row r on worksheet 1.

Step 2

Add up all the deductible expenses that you incurred in earning the foreign income you showed at Part E, Step 1, excluding any debt deductions. Write the total at row s in worksheet 1.

Debt deductions, such as interest and borrowing costs, are not deductible for the purposes of this calculation unless they are related to income earned through a permanent establishment in an overseas country. If you incurred debt deductions in earning your foreign income and the deductions are not attributable to an overseas permanent establishment, see question D15 Other deductions – not claimable at questions D1 to D14 or elsewhere on your tax return 2023.

Step 3

Take the amount at row s away from the amount at row r in worksheet 1 and write the answer at row t. If row s is greater than row r, the amount at row t will be a loss.

Step 4

Add up the amounts at row q and row t in worksheet 1. Write this total at question 20 – label M. If the total is a loss, print L in the Loss box at question 20 – label M.

If any part of the amount at row t relates to a business activity that has made a loss, and the activity was not also carried on in Australia, complete items P3 Number of business activities and P9 Business loss activity details. See, Business and professional items schedule.

If the business activity was carried on partly overseas and partly in Australia, contact us for assistance.

Small business income tax offset

If any part of the amount at row t in worksheet 1 is net income from a small business entity, you may be entitled to the small business income tax offset.

If the amount is from a sole trading activity, see instructions at Part D in question 15 Net income or loss from business. If this applies to you, then you should lodge your tax return using myTax or a registered tax agent.

If the amount is a distribution from a partnership or trust, see instructions at Part E in question 13 Partnerships and trusts.

We use these amounts to work out your entitlement to the small business income tax offset.

Part F

Part F is about working out your assessable foreign source income.

Add up the amounts in worksheet 1 at rows a, d, g, k, q and r. The total is your assessable foreign source income. Write this total at question 20 – label E.

Make sure the amount you have shown at label E does not include any exempt foreign income or income shown on a PAYG payment summary – foreign employment or income statement.

If you have Australian franking credits from New Zealand franking companies, go to Part G. If you are entitled to a foreign income tax offset, go to Part H.

Otherwise, go to Part I.

Worksheet 1 – Other foreign income

	Assessable amount $	Deductible expenses $	Taxable amount $
Part A Employment income not shown on a PAYG 'payment summary – foreign employment' or income statement	a	b	c
Part B Pension or annuity income without a UPP	d	e	f
Part B Pension or annuity income with a UPP	g	h	j
Part C Rental income	k	l	m
Part D Superannuation lump sums	q	n/a	n/a
Part E Other income	r	s	t
Totals	$	$	$

Part G

Part G is about working out your Australian franking credits from a New Zealand franking company

Step 1

Add up all amounts of Australian franking credits from a New Zealand franking company that you are entitled to, whether:

• directly by way of franked dividends or franked non-share dividends paid to you by the company, or
• indirectly through a trust or partnership.

Do not include:

• New Zealand imputation credits
• Australian franking credits you received from an Australian company (show these amounts at either question 11 Dividends 2023 or question 13 Partnerships and trusts)
• Australian franking credits that you are not entitled to (for example, because the dividend, non-share dividend, or income from the trust or partnership is exempt, or because you fail the holding period rule or trigger the related payments rule).

For more information, see You and your shares 2023.

The amount of Australian franking credits you would otherwise be entitled to is reduced if:

• you received a dividend (or non-share dividend) from a New Zealand franking company with Australian franking credits attached
• you received a supplementary dividend from the New Zealand franking company (either directly, or indirectly through a partnership or trust) that was paid in connection with the franked dividend, and
• you are entitled to a foreign income tax offset because of the inclusion of the franked dividend in your assessable income.

The amount of the reduction is the amount of the supplementary dividend (or your share of the supplementary dividend if you received it indirectly through a trust or partnership).

Step 2

Write the amount you worked out in Part G, Step 1 at question 20 – label F.

Part H

Part H is about working out your foreign income tax offset

You need to complete Part H to claim a foreign income tax offset. You may be entitled to the offset if you paid foreign tax on income included in your assessable income this year or on an attribution account payment you received (usually a dividend distribution) that was paid out of previously attributed income and that payment is non-assessable non-exempt income. This includes where:

• you acquired employee share scheme interests at a discount in relation to your foreign employment, and
• you paid tax on the discounts in the foreign country.

When completing the steps below you must include the foreign tax paid in relation to the employee share scheme discounts that relate to your foreign employment.

The Guide to foreign income tax offset rules 2023 explains which foreign taxes count towards the offset. If you received a distribution statement from a managed fund showing that an amount of foreign tax has been paid then you can assume that the foreign tax can count towards the offset.

You need to read the Guide to foreign income tax offset rules 2023 if:

• you have paid foreign tax on an attribution account payment you received (usually a dividend distribution) that was paid out of previously attributed income and that payment is non-assessable non-exempt income, or
• the amount of foreign tax you have paid relates to an amount that differs from the amount included in your assessable income. For example, where you have both capital losses and foreign capital gains, the net capital gain included in your assessable income will be less than the foreign capital gain on which you paid foreign tax.

For Australian resident individuals with Joint Petroleum Development Area (JPDA) income, the foreign income tax offset (FITO) for an employee is the lesser of:

• Australian tax payable on the net assessable JPDA income (JPDA income less allowable deductions relating to that income)
• Timor-Leste tax paid on JPDA employment income.

The foreign income tax offset limit does not apply to this income.

Step 1

Did the total amount of foreign tax you paid during 2022–23 exceed $1,000?

No	Write the total amount of foreign tax paid at question 20 – label O. Show cents. This amount can't be greater than $1,000. Go to Part I.
Yes	Read on.

Step 2

Since the total amount of foreign tax you paid during 2022–23 is greater than $1,000, you need to work out the full amount of foreign income tax offset that you are entitled to claim. To work out the total foreign income tax offset you can claim, see Guide to foreign income tax offset rules 2023.

Alternatively, you can simply claim a tax offset of $1,000. However, if you claim only $1,000 for 2022–23, you will not be able to claim the rest of your 2022–23 foreign tax in a future income year.

Have you limited your tax offset claim to $1,000 of the foreign tax paid?

Yes	Write $1,000 at question 20 – label O. Go to Part I.
No	Read on.

Step 3

Have you shown exempt foreign employment income at N item 20?

No	See Guide to foreign income tax offset rules 2023. Work out the total foreign income tax offset you can claim. Write the amount at question 20 – label O. Show cents. Go to Part I.
Yes	Read on.

You will not be able to work out your foreign income tax offset. We will work it out for you. Provide the following information, on a separate sheet of paper:

• write Schedule of additional information on the top
• write your name, address and tax file number
• write Question 20 Exempt foreign employment income at label N
• list each of the following with the amount, and the name of the country to which the amount relates, against each
  • type and amount of foreign income
  • any foreign tax you paid on that foreign income.
   

Attach your schedule to page 3 of your tax return and print X in the Yes box at Taxpayer's declaration question 2 on page 10 of your tax return.

If you are required to complete a schedule of information in respect of any other item when completing your tax return, the schedules do not need to be listed on separate pages. Continue providing details on the same page or additional pages if required, ensure you provide the item number and description for each item.

Part I

At any time during 2022–23, did you own or have an interest in assets located outside Australia that had a total value of A$50,000 or more?

Assets include:

• real estate
• shares in companies and other entities
• interests in partnerships or trusts
• businesses
• debentures
• bonds
• money and funds held in accounts or by other parties
• loans to other parties
• deposits
• intangible property such as
  • trademarks
  • copyrights
  • patents
  • debtors
  • 'equitable choses in action'
   
• any interest
  • whether legal or beneficial
  • whether held directly or indirectly through one or more interposed entities.
   

If all the assets you held overseas are covered under question 19, your answer to this question is No.

No	Print X in the No box at question 20 – label P.
Yes	Read on.

Determine the value of all your overseas assets, whether tangible or intangible, and whether or not you received any income from those assets during 2022–23. Use the:

• historical cost or market value, whichever is greater
• exchange rate at 30 June 2023 to convert the value of the assets to Australian dollars or, if you disposed of the assets during the year, the exchange rate at the time of disposal.

Print X in the Yes box at question 20 – label P if the value of your overseas assets was A$50,000 or more. Otherwise print X in the No box.

Checks before moving to the next question

Have you:

• written on your supplementary tax return as applicable
  • your assessable foreign source income
  • your other net foreign employment income
  • your net foreign pension or annuity incomes, without and with UPP
  • your net foreign rent
  • your other net foreign source income
  • your Australian franking credits from a New Zealand franking company
  • your net foreign employment income shown on PAYG payment summaries – foreign employment and income statements
  • your foreign employment income that is exempt from tax
  • your foreign income tax offset
  • your answer to the question about the value of your overseas assets
   
• attached to page 3 of your tax return your Schedule of additional information – Item 20, if you need to send us one
• kept your records with your other documents.

Where to go next

• Go to question 21 Rent 2023.
• Return to main menu Individual tax return instructions 2023.
• Go back to question 19 Foreign entities 2023.

Complete question 20 to report foreign source income and foreign assets or property.