The ATO is urging taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time. This must be done even if tax was taken out in the country where the income was earned. 

New international data sharing agreements allow the ATO to track money across borders and identify individuals not meeting their obligations.  

Under the new Common Reporting Standard (CRS), the ATO has shared data on financial account information of foreign tax residents with over 65 foreign 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.  

Click here to find out more, including whether your foreign income may be exempt, 

For more information, please contact your accountant at Rosenfeld Kant on (02) 9375 1200 or email gary@roskant.com.au, raul@roskant.com.au, elias@roskant.com.auÂ