Foreign income can affect how much Family Tax Benefit and Child Care Benefit you can receive.
Your estimate must be in Australian dollars and cover the Australian financial year, which runs from 1 July to 30 June. We include your foreign income amount when we calculate your adjusted taxable income.
We consider foreign income to be any income you and your partner earn, or get from outside Australia for which you don’t pay Australian tax.
This may include:
- foreign employment income that isn’t taxable in Australia
- overseas pensions
- gifts or allowances of money you get regularly from overseas, including money or gifts from relatives living overseas, which are exempt from Australian tax, and
- income from foreign business interests or investments which are exempt from Australian tax
What may be different
If your foreign income is taxable in Australia, you should include it as part of your taxable income when you provide your family income estimate.
What we don’t count
We don’t count your foreign income if you can’t access it within Australia. You don’t need to include it in your family income estimate.
If you visit the country where you can access your foreign income, we’ll need to reassess your family assistance.
If you’re not sure if your foreign income is taxable in Australia, contact the Australian Taxation Office via their website.
For family assistance purposes, we use the exchange rate from 1 July each year when assessing your income for that financial year.
Exchange rates for 2017-18
We’ll use the 1 July 2017 exchange rates below for the 2017-18 Australian financial year.
|European Currency Unit||0.7085|
|Hong Kong Dollar||6.3193|
|New Zealand Dollar||1.0969|
|South African Rand||10.3408|
Exchange rates for 2016-17
We’ll use the 1 July 2016 exchange rates below for the 2016-17 Australian financial year.
|European Currency Unit||0.7050|
|Hong Kong Dollar||6.1075|
|New Zealand Dollar||1.0853|
|South African Rand||11.4056|
If you need the rate for a currency that we don't list above, call the families line.
We assess income from outside Australia differently for our other payments and services.