Claiming foreign rental income
To claim foreign rental income, complete the following fields in the Item 20 worksheet:
- Description in details of the foreign source income
- Assessable foreign source income label E; see Australian Taxation Office (ATO)'s instructions and worksheet
- Exempt foreign employment income; $0 if nothing to report
- Foreign rental income gross amounts; this amount needs to be the same as label E
- Other foreign income deductible expenses; enter the total rental deductions to be claimed
- Foreign rental income foreign tax paid
- During the year did taxpayer own, or have an interest in, assets located outside Australia which had a total value of AUD $50,000 or more?